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Hamilton County News

Posted on: February 6, 2024

Hamilton County Earns Nearly $20 Million in Interest in 2023

Money Grows

Diligence of Treasurer’s Office Allowed County to Benefit from Higher Interest Rates

Hamilton County earned an impressive $19,691,231.83 in interest during the fiscal year 2023. The sizeable interest income was generated from approximately $392 million strategically deposited across more than a dozen banks.

County Treasurer Susan Byer says her office has been proactive in monitoring the performance of its banking relationships. "In the three years since I took office, I have personally reached out to each of the banks the county does business with to encourage them to raise their interest rates.,” Byer says. “And in some cases, that has meant closing underperforming accounts and redistributing funds.”

The county’s proactive financial management allowed it to benefit from higher interest rates last year. In 2023, the County’s average interest rate reached 3.95%, a significant increase from the 2022 average of 0.99%. The nearly $20 million in interest income will be directed back into the county's general funds. County Commissioner Christine Altman is also president of the Hamilton County Board of Finance. She says allocation of the funds will be determined through standard budgetary processes and in accordance with the County's financial priorities.

"The actions taken by Susan and her office align with our commitment to responsible stewardship of public funds,” Altman says. “By diversifying our banking relationships and actively engaging with financial institutions, they have not only safeguarded our assets but also maximized returns for Hamilton County.”

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