When Lowndes County Supervisors sold the county hospital it 2006, it produced a $30-million nest egg and a world of temptation.
Over the ensuing years, the supervisors have resisted the temptation to spend part of that money on all sorts of projects, from pay raises to parks.
Monday, the supervisors – acting as the hospital board of trustees – recommended a $942,000 withdrawal from the fund, a recommendation the supervisors will surely pass when it meets again on Feb. 13.
It will mark the second time in 15 months the county has removed money from the trust for a total of roughly $1.9 million.
Yet even with the withdrawal, the balance is still above the original amount at $30.4 million.
While the board of supervisors as a group deserve credit for being good stewards of that money, no one is more deserving of credit than board president Harry Sanders, who not only stubbornly refused to budge on previous efforts to dip into the fund, but was the driving force that led the Legislature to change the law and allow the county a much wider range of investment options.
Two years ago, the Legislature amended the rules, which had restricted investment of the hospital trust fund to government-backed securities. Under the new rules, the county could invest in a wide range of investment instruments and, thanks in part to a rising market, the results have been impressive.
It was that move that has allowed the county to reap the impressive dividends we have seen over the past 15 months.
In 2012, the trust fund had produced investment income of just $51,000. Over the past two years, the return on investment has yielded almost $1 million annually.
There is little doubt any of this would have happened without Sanders’ sure-footed and insistent leadership.
Sanders makes no claim of being a financial genius, but his common-sense approach to managing money has served the county well. Sometimes, it’s just as important to have the right questions as it is the right answers.
When it comes to managing the county’s assets, Sanders’ fiscal conservatism has served taxpayers well. At a time when other supervisors appeared to be content with maintaining the status quo, Sanders had the foresight to see a better way to invest money wisely and effectively.
At its next meeting, the supervisors will discuss how to spend the money it will withdraw and there are certain to be any number of ideas to be debated.
It’s a nice debate to have, though.
And above all others, we have Harry Sanders to thank for it.
The Dispatch Editorial Board is made up of publisher Peter Imes, columnist Slim Smith, managing editor Zack Plair and senior newsroom staff.
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