County news # 2The Marshall County Board of Finance, made up of the three County Commissioners and the County Treasurer meet Monday morning to award the bid for the cash management system for Marshall County.

County Treasurer Penny Lukenbill was pleasantly surprised with the local financial institutions that bid for the county’s two-year cash management system.

Six institutions submitted bids including IAB Financial Bank in Bourbon, 1st Source Bank, Centier Bank, First Farmers Bank & Trust, Lake City Bank and Teacher’s Credit Union.

Lukenbill prepared a spread sheet with comparisons of charges and interest rates using the example from the July account activity.  Using the July comparison, the county would have total earnings of $24,183 while Lake City’s would have been $19,813 and First Farmers would have been $15,437.  The other financial institutions bids would have total earning for the county of $15,187 from Centier, $13,158 from 1st Source and $12,099 from IBA.

After reviewing the spread sheet, Lukenbill recommended contracting with TCU for 2017 & 2018.   The Board of Finance unanimously supported Lukenbill’s recommendation.  TCU has been handling the county’s cash management system for 2015 & 2016.  Lukenbill did note that TCU will need to assist in working out some “bugs” in the new contract.