County investments see a 20.6% drop
The Harrison County Board of Commissioners learned a little bit about how hard of a hit the county’s financial investments have taken since the COVID-19 health crisis began. The fund saw a nearly $25 million loss since the end of last year, or approximately a 20.6% drop.
Derrick Grigsby, chief financial officer of the Harrison County Community Foundation, told the commissioners Monday morning during a teleconference call the county’s fund at the end of the first quarter was at $94,971,906.23.
According to Grigsby, the account ended 2019 at $119,056,044.11.
“I know that’s a little scary and we’ve had a few donors call us as well, wanting to know what was going on with that,” Grigsby said. “What I can share is it was kind of a shame with how the timing worked out.”
Grigsby said the 20.6% loss was the lowest of the low so far and the account has bounced back up a little. The loss now is only roughly 15.5%.
“Still not the greatest position to be in,” he said, “but I think everyone is in the same boat as we are.”
The county had $1,276,516.69 in casino revenue for the quarter.
“We took $400,000 of that and used it to do the grant for the county to lessen the burdens of the budget,” Grigsby said.
The remaining nearly $900,000 was left to be invested.
According to Grigsby, the county has more than $20 million in spendable funds. These dollars can be used for anything the council and commissioners both agree on.
During Monday’s meeting, the commissioners forward the lowest bids on paving projects to the Harrison County Council, which will meet Monday at 7 p.m.
E&B Paving submitted the lowest bid to the northern third of the county. It includes four paving projects, totaling $323,272.30. The company also submitted the lowest bid for the middle portion of the county, with a 235,531.60 bid.
Paving in the southern third of the projects received a low bid by C&R Construction. It submitted a bid of $198,018.
Finally, while the state has started lifting restrictions to get Hoosiers back to work, the commissioners decided to keep their local ordinance in effect, which is set to currently expire Monday, May 25.