Treasurer unveils taxpayer advisory committee

I am pleased to announce the formation of a Taxpayer Investment Advisory Committee. This committee will consist of independent financial professionals, all with long resumes of experience and knowledge, and all who reside in Madison County.

The balance of the Madison County investment portfolio continues to expand well beyond $100 million.

This money belongs to the taxpayers and must be protected.

When I took office, the county had too many eggs in one basket, i.e. over 70 percent of the portfolio in long-term Fannie Mae and Freddie Mac bonds, which were highly susceptible to interest rate risk.

In these difficult economic times, in which bond ratings of major western countries are being downgraded, we want to be well positioned to address the adversities this climate brings.

One of the problems in the former administration is that they were not consulting with local professionals, but instead relying on one Little Rock, Ark., bond salesman.

Over the past year, we have informally consulted with local investment professionals. This is a formalizing of this practice.

For questions, please call me.

Kurt Prenzler, CPA

Madison County Treasurer

618-692-7470