Fiscal Court Approves Financial Advisor

Wayne County Fiscal Court has approved a contract with Compass Financial Services who will serve as an advisor to the county regarding American Rescue Act Plan (ARPA) funding. The court approved the contract during a special meeting held yesterday afternoon (Thursday).

County Judge-Executive Mike Anderson recommended the court approve a contract with the financial advisor during a meeting held earlier this week, but magistrates decided to table action until they received feedback from other Kentucky counties. Since then, Anderson said he had heard from several judges who have been pleased with the work Compass has done for them.

Anderson said that Compass has contracts with 44 counties right now and they expect that number will grow. He added that nine out of the 10 counties in the Lake Cumberland area have hired financial advisors to help them make decisions regarding federal ARPA funds. During the meeting earlier this week, Anderson indicated that the company would cost the county about 1.5 percent of its overall ARPA funding and that would translate into about $58,000.

The court decided to hire Compass Financial Services by a 3-1 vote. District One Magistrate Ronnie Turner voted against entering the contract.