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South Hill Council puts $15 million in cash reserve in investment pool

SoVaNow.com / March 11, 2020
South Hill Town Council agreed to invest up to $15 million in town funds in the VACO/VML Virginia Investment Pool following a public hearing on Monday night that took place at the start of the regular monthly council meeting.

Town Finance Director Sheila Cutrell first raised the idea of investing the money with Council’s Budget and Finance Committee in January. She explained that the Town could benefit financially if it were to invest a portion of the $22 million currently sitting in its checking account.

She arranged for the finance committee to hear presentations from First Citizens Bank and VML/VACO Finance. (VML stands for Virginia Municipal League, VACO the Virginia Association of Counties.) After hearing from both groups, the committee and staff felt it was appropriate for the town to invest $15 million in the VML/VACO one-to-three year high quality bond fund as it offered the highest earning potential. It also gives the town access to its invested monies twice per month with no fees for early withdrawal.

By investing only $15 million of the Town’s $22 million in available funds, South Hill will have money on hand for needed projects, Cutrell noted.

The VML/VACO investment pool also affords the town the chance to invest additional funds at any time.

In other business, Town Manager Kim Callis said South Hill is working with Mecklenburg County, the Roanoke River Service Authority and Microsoft contractors to provide temporary water service to the Microsoft construction site on Prison Road on the south side of Highway 58.

Callis noted, “the RRSA already serves the Microsoft location on the north side of Highway 58 … and will provide permanent water and tank farm services when construction is completed” on the south side.

The town is working with the local Rotary Club to install new benches on concrete pads at the upper field playground in Centennial Park.

Also, Floyd Edmonds updated Council members on services provided by the Southside Rescue Squad in 2019. Council also learned that another squad trainee has successfully passed all practical testing and the written registry exam to become a Nationally Registered EMT-B, and other students are continuing to test and retest as needed.

One student who dropped out before completing the retesting process reimbursed the town for the full $585 the town paid for the program.

Edmonds also announced plans to hold the annual Southside Rescue Squad bucket drive fund raiser on Saturday, May 23 from 7 a.m.-2 p.m.

Business Development director Brent Morris said he is working with Park View High School’s Innovation Team as it develops job shadowing, internship, externships and mentoring programs for high school students. Morris explained, “This is a great way for students to learn more about various careers as well as opportunities to develop real-world skills.”

Morris is working with Mecklenburg County Tourism Coordinator Tina Morgan and Economic Development Director Angie Kellett to develop a marketing campaign “that would recruit back office jobs.” He announced a new contract between the South Hill Chamber of Commerce Board and marketing firm EverWondr, to promote town and chamber events in both North Carolina and Virginia.

Youth softball and baseball activities are under way at Parker Park. Callis said about 100 girls and 150 boys registered for the sport. Crews are working hard to get the fields ready for practice and play. Callis also announced that the Park View Middle School baseball team will have its home opener at Parker Park on March 18.

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