In a press release obtained by the Orlando Political Observer, Grant Maloy, the Clerk of the Circuit Court and Comptroller for Seminole County, touted a significant improvement in the income from investing county funds.
According to Maloy, changes that the Clerk and Comptroller’s office made resulted in a 237% increase in revenue over the same period last year, or $3.5 million more.
Maloy detailed several reasons for the improvement, including moving money that had been earning “virtually no interest” in a checking account, divesting in U.S. Treasuries that were losing money, and spending “considerable time” researching better-performing investments, such as money market funds.
These investment changes were made after a dispute with the Seminole County Commission, which had passed a recommended investment plan on March 28 (Agenda item 19).
“My office is independent of the County and oversees the spending and investment of County tax dollars,” said Maloy in the release. “I consider the current system of checks and balances to be vital to the proper functioning of our local government. This is simply one example of our current system working well. The Clerk and Comptroller’s office is not a rubber stamp for bad ideas.”
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