Economic situation and Guilford County Government
by Jeff
The economic situation has been monitored closely this week while the Congress debated and passed a financial industry bailout plan. Given that the main economically driven revenue source for counties is the sales tax, the report on sales tax collections that is due in late October will be significant. The County Manager has received inquiries this week regarding the County’s investments and, as Brenda Fox has reported to you previously, the County seeks safety, liquidity, and yield in that order. Guilford County primarily invests its funds in bank certificates of deposit, commercial paper, and the N.C. Cash Management Trust. Wachovia Bank is the principle banking service provider for Guilford County Government. As a result, we are following with interest the potential acquisition by Citigroupor Wells Fargo. Early in 2009, Guilford County anticipates selling $232 million in the 2004 GTCC and Parks and Recreation Bonds as well as the first segment of the 2008 Eastern Guilford, Law Enforcement, Guilford County Schools and GTCC Bonds. Additional bond sales are projected for 2010 and 2011.
(From County Manager’s Weekly bulletin)