Madison County has earned $1 million in interest since 2019

·2 min read

Dec. 29—ANDERSON — Through his first three years in office, Madison County Treasurer Danny Girt anticipates collecting close to $1 million in interest earnings.

Girt said Wednesday that through the end of November the county had earned $155,095 in interest on accounts deposited in local banks.

He estimated another $15,000 will be earned by the end of the year.

Girt, a Republican, was elected to a first term in 2018 and is running for a second term in 2022.

The first year Girt served as treasurer the interest earned exceeded $500,000, and in 2020 the earnings were $267,000.

In 2018, the county earned $82,812 in interest.

Girt said in 2019 the interest rates on funds deposited by the county was paying 2.45%.

He said for the first three months of 2020 the interest rate was 1.85% but during the COVID-19 pandemic the rate dropped to .25%, which was stable in 2021.

The Federal Reserve, which sets the prime lending rate, is expected to increase interest rates two or three times in 2022.

"The first-rate increase could come in the first quarter," Girt said.

He said the county is earning interest on the American Rescue Plan funds on deposit, which is returned to that account.

Madison County will receive $23.1 million by the end of 2022.

"The amount of interest earned will depend on when the county starts spending the money," Girt said.

For 2021 local property owners paid $119.994.463 in property taxes, he said.

Girt said the county collected approximately 94% of the taxes owed.

"Even in 2020 during the pandemic, the property tax collections remained consistent," he said. "I was surprised by the amount of collections."

Of the $119.9 million collected this year, Girt said approximately $70 million was collected during the spring property tax payment deadline.

"It seems like more and more people are paying the full amount in the spring," he said.

Follow Ken de la Bastide on Twitter @KendelaBastide, or call 765-640-4863.

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