County trust fund improves
Published 10:32 am Wednesday, October 19, 2016
Lafayette County’s trust fund investment showed improvement from last quarter, according to figures presented to the Lafayette County Board of Supervisors this week.
The Trust Fund Trustee met Monday morning with Green Square Capital, the firm entrusted with investing the funds from the sale of the old hospital.
Green Square officials credited a less volatile market and the trustee’s decision after last quarter to move more of the trust fund into bonds instead of more risky stocks.
Trust fund gains for the year are up 5.5 percent or $1,137,574, which increased the value of the trust fund to $21,821,647. The investment balance is $20,704,364.
“We are pleased with the results through the third quarter,” said Green Square’s Steve Sisom. “It is more conservatively invested than the last time we met.”
The annual yield of the trust fund is up 2.89 percent this year compared to 2.83 percent in 2015.
“That’s a very impressive yield number,” said Sisom.
A new advisory committee, consisting of Frank Sibley and Dr. Earl Grissinger, was also appointed to assist the trustee’s in regard to the trust fund. Both are known for their financial insight. Sibley, president and chief executive officer of CB&T Bancshares, was recently elected chairman of the Mississippi Bankers Association. Grissinger is a retired soil scientist at the Sedimentation Laboratory with the U.S. Department of Agriculture.
Sibley and Grissinger had several questions for Green Square officials, in particular world-banking markets.
Sisom was also asked what impact the upcoming presidential election could have on the market.
“I don’t think either candidate will have a significant impact on the economy unless we see a radical change in other areas of government,” Sisom said. “I think generally speaking, we tend to be more concerned with the fed and if they raise rates. I do think rates will go up, but not quickly.”
Supervisor Jeff Busby said overall he and the trustees were pleased with the direction the fund is going and reminds constituents the fund is a long-term investment and “not a get rich quick thing.”
“We have been entrusted with these funds for future generations,” said Busby.
He and the fellow trustees also thanked Sibley and Grissinger for volunteering their insight into assisting with the future of the trust fund.