“Courts will take judicial notice of geographical facts such as the county in which a town or city is located.”
How later courts described this case
- “Courts will take judicial notice of geographical facts such as the county in which a town or city is located.”
- holding that where a trial court decided a declaratory judgment action that had been submitted to the court on stipulated facts pursuant to Rule of Civil Procedure 1038.1, a post-trial motion was required before filing an appeal
Written by the judges who cited it.
The opinion
IN THE COMMONWEALTH COURT OF PENNSYLVANIA
County of Somerset, Pennsylvania :
by and through its Board of :
Commissioners, Commissioner :
Gerald Walker, Commissioner :
Colleen R. Dawson, and :
Commissioner Pamela A. Tokar-Ickes :
:
v. : No. 336 C.D. 2023
: Argued: November 5, 2025
Anthony F. DeLuca, :
Somerset County Treasurer, :
:
Appellant :
BEFORE: HONORABLE RENÉE COHN JUBELIRER, President Judge
HONORABLE PATRICIA A. McCULLOUGH, Judge
HONORABLE ANNE E. COVEY, Judge
HONORABLE MICHAEL H. WOJCIK, Judge
HONORABLE CHRISTINE FIZZANO CANNON, Judge
HONORABLE LORI A. DUMAS, Judge
HONORABLE MATTHEW S. WOLF, Judge
OPINION NOT REPORTED
MEMORANDUM OPINION
BY JUDGE WOJCIK FILED: May 12, 2026
Anthony F. DeLuca, Somerset County Treasurer (Treasurer), appeals
the per curiam order of a three-judge panel of the Somerset County Court of
Common Pleas (County and trial court, respectively) denying his post-trial motions1
1
“[A] trial court’s order at the conclusion of a trial, whether the action is one at law or in
equity, cannot become final for purposes of filing an appeal until the court decides any timely post-
trial motions or they are denied by operation of law [under] Pa.R.Civ.P. 227.4(b).” Triple Crown
Corporation, Inc. v. Lower Allen Township, 327 A.3d 748, 754 (Pa. Cmwlth. 2024) (citation
omitted).
following trial on his and the County’s crossclaim for declaratory and injunctive
relief, and entering judgment in favor of the County and against the Treasurer
regarding the disposition of investment funds pursuant to the relevant provisions of
The County Code2 and the Second Class County Code (SCCC).3 We affirm.
The facts in this case are undisputed. This matter involves a dispute
between the County’s Board of Commissioners (Commissioners) and Treasurer4
2
Formerly, The County Code, Act of August 9, 1955, P.L. 323, as amended, 16 P.S. §§101-
3000.3903. The County Code was repealed by Section 5(2) of the Act of May 8, 2024, P.L. 50,
No. 14, effective July 8, 2024 (Act 14), which incorporated the freestanding County Code
provisions into Title 16 of the Pennsylvania Consolidated Statutes. A similar act is now found in
The County Code at 16 Pa. C.S. §§101-17509. Indeed, as our Supreme Court has explained:
Act 14 incorporated the freestanding County Code into Title 16 of
the Pennsylvania Consolidated Statutes. To effectuate those
changes the General Assembly repealed [T]he County Code in its
entirety . . . . However, aside from a few substantive changes not
relevant here, Act 14 was generally intended to affect a
“continuation” of [T]he County Code, despite its repeal. See id. at
§6; id. at §(6)(1) (“Except as otherwise provided in 16 Pa. C.S. Pts.
I, II, III and IV, all activities initiated under [T]he County Code shall
continue and remain in full force and effect and may be completed
under 16 Pa. C.S. Pt. I, II, III, or IV.”); id. at §6(2) (“Except as
provided in paragraph (3), any difference in language between 16
Pa. C.S. Pts. I, II, III and IV and [T]he County Code is intended only
to conform to the style of the Pennsylvania Consolidated Statutes
and is not intended to change or affect the legislative intent, judicial
construction or administration and implementation of [T]he County
Code.”).
Kleinbard LLC v. Office of District Attorney of Lancaster County, 328 A.3d 21, 27 n.6 (Pa. 2024).
As a result, references herein to both versions are sic passim.
3
The Second Class County Code, Act of July 28, 1953, P.L. 723, as amended, 16 P.S.
§§3101-6302.
4
Article 9, section 4 of the Pennsylvania Constitution provides:
(Footnote continued on next page…)
2
regarding their distinct, but sometimes overlapping, financial authority under the
former provisions of The County Code. Somerset County is a sixth-class county,5
and as such, has a three-person Board of Commissioners and Treasurer. Both
County officers shall consist of commissioners, . . . treasurers, . . .
and such others as may from time to time be provided by law.
County officers . . . shall be elected at the municipal elections and
shall hold their offices for the term of four years, beginning on the
first Monday of January next after their election, and until their
successors shall be duly qualified; all vacancies shall be filled in
such a manner as may be provided by law.
***
Three county commissioners shall be elected in each county. In the
election of these officers each qualified elector shall vote for no
more than two persons, and the three persons receiving the highest
number of votes shall be elected.
Provisions for county government in this section shall apply to
every county except a county which has adopted a home rule charter
or an optional form of government. One of the optional forms of
county government provided by law shall include the provisions of
this section.
Pa. Const. art. IX, §4; see also former Section 401(a)(1) and (3) of The County Code, Act of
August 9, 1955, P.L. 323, as amended, 16 P.S. §401(a)(1) and (3), repealed and replaced by 16
Pa. C.S. §12301(a)(1) and (3) (“In each county, the following officers shall be elected by the
qualified electors of the county: (1) Three county commissioners [; . . . and] (3) One treasurer.”).
Because these are constitutional offices, they can only be abolished by constitutional amendment.
Rogers v. Lycoming County Board of Commissioners (Pa. Cmwlth., No. 161 C.D. 2023, filed
January 26, 2024), slip op. at 13-14; see also Pa.R.A.P. 126(b)(1)-(2) (“As used in this rule, ‘non-
precedential decision’ refers to . . . an unreported memorandum opinion of the Commonwealth
Court filed after January 15, 2008. Non-precedential decisions . . . may be cited for their
persuasive value.”).
5
See 126 The Pennsylvania Manual 6-34 (2024); see also Emert v. Larami Corporation,
200 A.2d 901, 902 n.1 (Pa. 1964) (“Courts will take judicial notice of geographical facts such as
the county in which a town or city is located.”) (citations omitted).
3
positions are individually elected every four years. At public meetings in September
and October of 2022, the Commissioners unanimously adopted Resolutions to
deposit County funds for investment with identified public institutions. However,
the Treasurer declined to transfer the funds because he was not involved in the
drafting of the Resolutions, did not consent to the Resolutions, and did not sign the
Resolutions, as required by former Section 1762(a) of The County Code.6
As a result, in October of 2022, the Commissioners filed an amended
complaint for declaratory relief against the Treasurer in the trial court, with the
Treasurer’s consent, after the Treasurer declined to transfer the funds on the basis
that he was not involved in the drafting of, and did not consent to, the Resolutions.
In addition, after the complaint’s filing, the Treasurer unilaterally determined that
“the Commissioners should go through the Treasurer’s office to view and modify
banking and account information and, thus, he removed the online permissions of
the Commissioners’ Fiscal Department such that the Department could no longer
view or otherwise access the County’s accounts with First National Bank.”
Reproduced Record (RR) at 226a.
Following hearing, the trial court issued the instant order granting the
following declaratory relief: (1) “[t]he Treasurer must follow the dictates of [T]he
County Code and the Treasurer has no discretion to refuse duties imposed by [T]he
County Code or authority to expand his duties beyond what [T]he County Code
provides[;]” (2) “[t]he County Commissioners are the responsible managers and
administrators of the fiscal affairs of the County to the exclusion of the Treasurer[;]”
6
The former and present versions of Section 1762(a) of The County Code state, in pertinent
part: “The county commissioners and the county treasurer shall designate by resolution one or
more depositories for county money. The depositories shall be banks, banking institutions or trust
companies located in this Commonwealth.” 16 Pa. C.S. §14962(a).
4
(3) “[t]he Treasurer has no role in the formulation of the County’s investment
program as such decision-making authority for formulating the County’s investment
program is vested solely in the [Commissioners;]” (4) “[t]he [Commissioners] ha[ve]
sole authority to pass resolutions establishing the County’s investment program and
the Treasurer has no authority to vote on or sign such resolutions[;]” (5) “[t]he
Treasurer has no authority to invest County funds except as may be expressly
authorized by the investment program established by the [Commissioners;]” (6)
“[t]he Treasurer has no authority to transfer funds for County transactions unless the
transactions are approved of by at least two County Commissioners[;]” (7) “[t]he
Treasurer has no authority to refuse to transfer County funds that have been directed
to be transferred by the [Commissioners] unless the Treasurer has express notice that
the transfer of said funds would be illegal[;]” and (8) “[t]he Treasurer has no
authority to unilaterally restrict the Commissioners’ office from independently
viewing and accessing the County’s online banking and account information.” RR
at 245a-46a. The Treasurer then filed this appeal of the trial court’s order.
On appeal,7 the Treasurer asserts: (1) the trial court erred in holding
that the former Section 1762(a) of The County Code did not require approval by the
Treasurer before the County Commissioners adopted the September 13, 2022 and
October 11, 2022 Resolutions identifying the various financial institutions involved
7
“Our . . . review of declaratory judgment actions . . . is limited to determining whether
the trial court committed an error of law or abused its discretion, and whether substantial evidence
exists to support its findings. When reviewing an issue of law in a declaratory judgment action,
[our] . . . review is de novo and the scope of review is plenary.” Rybarchyk v. Pocono Summit
Lake Property Owners Association, Inc., 249 A.3d 31, 34 n.2 (Pa. Cmwlth. 2012) (citations
omitted).
5
with their investment program under the former Sections 17018 and 1706(b)(2) of
The County Code;9 and (2) the trial court erred in holding that The County Code
does not empower the Treasurer to unilaterally restrict the Commissioners’ ability
to view and/or modify the County’s online financial records under the former
Section 1760 of the County Code10 outlining the Treasurer’s authority.
8
In relevant part, the former Section 1701 stated: “The county commissioners shall be the
responsible managers and administrators of the fiscal affairs of their respective counties in
accordance with the provisions of this act and other applicable law.” Former 16 P.S. §1701. As
the Pennsylvania Supreme Court has noted: “A nearly identical provision to former Section 1701
of the County Code is now found at 16 Pa. C.S. §14901 (‘The county commissioners shall be the
responsible managers and administrators of the fiscal affairs of their respective county in
accordance with this part and other applicable law.’).” Kleinbard LLC, 328 A.3d at 27 n.9.
9
The former Section 1706(b)(2) stated, in relevant part:
In counties of the . . . sixth . . . class, the commissioners shall
provide for an investment program, including temporary
investments, subject to restrictions contained in this act and in any
other applicable statute and any rules and regulations adopted by the
commissioners. Other elective officials authorized to make
investments under subsection (a)(2) shall make investments in
conformity with the commissioners investment program.
Former 16 P.S. §1706(b)(2). In turn, the present Section 14906 of The County Code contains
identical substantive provisions, but merely modifies “the county commissioners shall
provide. . . .” 16 Pa. C.S. §14906(b)(2) (emphasis added); see also Section 14984.2(a) and (c) of
The County Code, 16 Pa. C.S. §14984.2(a), (c) (“The county commissioners shall have the power
to create and maintain a separate capital reserve fund for anticipated legal capital expenditures. . . .
The money in the fund, when invested, shall be invested in a manner consistent with the provisions
of [S]ection 14906 (relating to investment of money).”).
10
The former Section 1760 provided:
The county treasurer shall receive and receipt for all moneys due or
accruing to the county. The treasurer shall keep proper accounts of
all moneys received and disbursed. The treasurer’s records shall be,
at all times during office hours, open to the inspection of the
(Footnote continued on next page…)
6
controller and the commissioners, or any of the commissioners in
counties having no controller. The treasurer shall issue receipts for
all moneys received for the county, and shall transmit the duplicate
or triplicate thereof daily to the controller, or to the county
commissioners in counties having no controller. Said receipts shall
be serially numbered, shall indicate the amount of money received,
from whom, on what account and the date. The treasurer shall
likewise keep daily records of all disbursals from the county
treasury, and shall forward daily records thereof to the controller, or
the commissioners as the case may be. The controller, or the chief
clerk of the commissioners where there is no controller, shall have
the right to review depository account information upon request
from the county depository or depositories, without prejudice to the
said depositories, of all moneys deposited in the name of the county
by the treasurer. In counties having no controller, the treasurer shall
render, at least quarterly and oftener, if required, a statement of all
moneys received and disbursed since the treasurer’s last statement,
showing the balance remaining in the accounts and the names of the
collectors having arrearages in taxes with the amounts thereof. The
treasurer shall state the accounts at the end of each fiscal year, which
statement shall be examined by the commissioners and delivered by
them to the auditors for settlement.
Former 16 P.S. §1760. Presently, the codified provisions of Section 14960(a) through (g) state:
(a) Duties of county treasurer.--The county treasurer shall receive
and issue receipts for money due or accruing to the county.
(b) Accounts.--The county treasurer shall keep proper accounts of
money received and disbursed. The treasurer’s records shall be open
to the inspection of the controller and the county commissioners at
all times during office hours.
(c) Receipts.--The treasurer shall issue receipts for money received
for the county and shall transmit the duplicate or triplicate receipts
daily to the controller or to the county commissioners in counties
without a controller. . . .
(d) Disbursals.--The treasurer shall keep daily records of
disbursals from the county treasury and shall forward daily records
(Footnote continued on next page…)
7
However, after reviewing the record, the parties’ briefs, and the law,
and hearing oral argument in this matter, we conclude that the appellate issues have
been ably resolved in the thorough and well-reasoned per curiam panel opinion of
President Judge D. Gregory Geary, Judge Scott Bittner, and Judge Daniel Rullo of
the trial court. Accordingly, we affirm on the basis of their opinion in the matter of
County of Somerset, Pennsylvania by and through its Board of Commissioners, et
al. v. Anthony F. DeLuca, Somerset County Treasurer (C.C.P. Som., No. 641 CIVIL
2022, filed February 17, 2023).
MICHAEL H. WOJCIK, Judge
Judge Wallace did not participate in the decision of this case.
to the controller or the county commissioners in counties without a
controller.
(e) Account information.--The controller, or the chief clerk of the
county commissioners in counties without a controller, may review
depository account information upon request from the county
depository, without prejudice to the depositories, of the money
deposited in the name of the county by the treasurer.
(f) Quarterly statements.--In counties having no controller, the
treasurer shall provide, at least quarterly and more frequently if
required, a statement of money received and disbursed since the
treasurer’s last statement . . . .
(g) Annual statements.--The treasurer shall state the accounts at
the end of each fiscal year. The statement shall be examined by the
county commissioners and delivered by the commissioners to the
county auditors for settlement.
16 Pa. C.S. §14960(a)-(g).
8
IN THE COMMONWEALTH COURT OF PENNSYLVANIA
County of Somerset, Pennsylvania :
by and through its Board of :
Commissioners, Commissioner :
Gerald Walker, Commissioner :
Colleen R. Dawson, and :
Commissioner Pamela A. Tokar-Ickes :
:
v. : No. 336 C.D. 2023
:
Anthony F. DeLuca, :
Somerset County Treasurer, :
:
Appellant :
ORDER
AND NOW, this 12th day of May, 2026, the order of the Somerset
County Court of Common Pleas dated March 8, 2023, is AFFIRMED.
__________________________________
MICHAEL H. WOJCIK, Judge
IN THE COMMONWEALTH COURT OF PENNSYLVANIA
County of Somerset, Pennsylvania :
by and through its Board of :
Commissioners, Commissioner :
Gerald Walker, Commissioner :
Colleen R. Dawson, and :
Commissioner Pamela A. Tokar-Ickes :
:
v. :
:
Anthony F. DeLuca, Somerset : No. 336 C.D. 2023
County Treasurer, : Argued: November 5, 2025
Appellant :
BEFORE: HONORABLE RENÉE COHN JUBELIRER, President Judge
HONORABLE PATRICIA A. McCULLOUGH, Judge
HONORABLE ANNE E. COVEY, Judge
HONORABLE MICHAEL H. WOJCIK, Judge
HONORABLE CHRISTINE FIZZANO CANNON, Judge
HONORABLE LORI A. DUMAS, Judge
HONORABLE MATTHEW S. WOLF, Judge
OPINION NOT REPORTED
CONCURRING AND DISSENTING OPINION
BY JUDGE FIZZANO CANNON FILED: May 12, 2026
At issue here is the interplay between Sections 1706 and 1762(a) of the
former County Code,1 former 16 P.S. §§ 1706 & 1762(a).2 Because I believe the
1
Act of August 9, 1955, P.L. 323, as amended, formerly 16 P.S. §§ 101-3000.3903.
2
I observe that the former County Code was codified and renumbered by Section 5(2) of
the Act of May 8, 2024, P.L. 50, No. 14, effective July 8, 2024 (Act 14), which incorporated the
former County Code provisions into Title 16 of the Pennsylvania Consolidated Statutes. The
consolidated act is now found at 16 Pa.C.S. §§ 101-17509. The only change in the statutory
language during codification that is of even arguable relevance here is an alteration from former
Section 1762(a), which required the county commissioners, “together with” the treasurer, to
majority fails to recognize the distinction between “investments” and “deposits” as
those terms are used in the statute, I dissent in part.
I agree with the majority’s adoption of the opinion of the trial court
insofar as the trial court concluded that the county commissioners, rather than the
county treasurer, are authorized to determine where to invest county funds.3 I
disagree, however, to the extent that the county commissioners and the majority
(and, indeed, the treasurer himself) fail to differentiate between the treasurer’s role
regarding investments and his role regarding deposits. The county treasurer’s role
in choosing “a depository or depositories for all county funds” is the same under
either the former or the consolidated version of the County Code. That law requires
choose depository institutions, to current Section 14962(a), which requires the county
commissioners “and” the treasurer to choose depository institutions. Compare former 16 P.S.
§ 1762(a), with 16 Pa.C.S. § 14962(a). There are other non-substantive revisions to the provisions
at issue, none of which have been contended by either the parties or the majority to have any
relevance here. The new provisions are set forth infra in notes 4 and 5 for ease of comparison to
the quoted portions of the unconsolidated provisions.
Both parties expressly confirmed at argument that they view the adjustment in language as
having no significance to our disposition of the issues here. Likewise, the majority does not assert
any significance in the change of statutory language from “together with” to “and.” I cite the
provisions of the former County Code here in conformance with the opinion of the Court of
Common Pleas of Somerset County (trial court), which properly discussed and relied on those
provisions by their uncodified numbering because that version of the statute was in effect during
the time period relevant to the parties’ dispute.
3
I also agree with the majority’s implicit observation that post-trial motions were proper
here and that, consequently, the appeal was properly filed after disposition of the post-trial
motions. See Motorists Mut. Ins. Co. v. Pinkerton, 830 A.2d 958, 964 (Pa. 2003) (holding that
where a trial court decided a declaratory judgment action that had been submitted to the court on
stipulated facts pursuant to Rule of Civil Procedure 1038.1, a post-trial motion was required before
filing an appeal) (citing Pa.R.Civ.P. 1038.1); see also Pa.R.Civ.P. 1038.1 Explanatory Comment
– 1996 (explaining that one purpose of the rule requiring post-trial motions after submission of an
action on stipulated facts was to eliminate prior practice under which unwary parties could err by
filing post-trial motions in certain submitted cases and thereby lose their appeal rights).
CFC - 2
the choice of the depository to be made “by the county commissioners together with
the county treasurer” and “by resolution.” 16 P.S. § 1762(a); cf. 16 Pa.C.S.
§ 14962(a) (using the simple conjunction “and” in place of the more prolix “together
with”). Because the majority gives no effect to this clear statutory mandate on
depositories, I must dissent from the majority’s decision to affirm the trial court’s
order in its entirety and on the basis of the trial court’s opinion, which authorizes the
county commissioners, alone, to choose depositories for all county funds. As
discussed below, I believe the relevant statute treats investments differently from
deposits, and I therefore dissent in part.
Former Section 1706 of the County Code, governing investments,
provides, in pertinent part:
Section 1706. Investment of Funds.--
(a) . . . .
(2) In counties of the third, fourth, fifth, sixth,
seventh, or eighth class, the county commissioners
(or any individual other than the commissioners
who serves in an elective county office, as to such
moneys not otherwise required by law to be
invested that the individual’s office is required to
collect, administer or disburse) shall invest such
moneys consistent with sound business practice. . . .
(b) . . . .
(2) In counties of the third, fourth, fifth, sixth,
seventh, or eighth class, the commissioners shall
provide for an investment program, including
temporary investments, subject to restrictions
contained in this act and in any other applicable
statute and any rules and regulations adopted by the
commissioners. Other elective officials authorized
to make investments under subsection (a)(2) shall
make investments in conformity with the
commissioners investment program.
CFC - 3
(c) Authorized types of investments or financial products
for such moneys . . . shall be:
....
(11) Deposits in savings accounts or time deposits,
other than certificates of deposit [(CDs)] . . . .
(12) Shares of an investment company . . . if the
only investments of the company are in the
authorized investments for county funds in
paragraphs (10) and (11) and:
(i) The investment company is managed in
accordance with 17 CFR 270.2a-7 (relating to
money market funds).
....
(13) [CDs] purchased from institutions insured by
the Federal Deposit Insurance Corporation or the
National Credit Union Share Insurance Fund. . . .
Former 16 P.S. § 1706(a)(2), (b)(2) & (c)(11)-(13) (emphasis added); see also 16
Pa.C.S. § 14906(a)(2), (b)(2) & (c)(2)-(4).4
4
The parallel provisions of the consolidated statute provide:
§ 14906. Investment of money.
(a) Investment standards.--
...
(2) In counties of the third, fourth, fifth, sixth, seventh or
eighth class, the county commissioners or any individual other than
a county commissioner who serves in an elective county office, shall
invest money not otherwise required by law to be invested that the
individual's office is required to collect, administer or disburse,
consistent with sound business practice . . . .
(b) Investment board and investment program.--
...
CFC - 4
By contrast, former Section 1762, governing deposits, provides, in
pertinent part:
Section 1762. Depositories.--
(a) The county commissioners together with the county
treasurer shall, from time to time, designate, by
resolution, a depository or depositories for all county
funds to be deposited. Such depository or depositories
(2) In counties of the third, fourth, fifth, sixth, seventh or
eighth class, the county commissioners shall provide for an
investment program, including temporary investments, subject to
restrictions contained in this act and in any other applicable statute
and any rules and regulations adopted by the county commissioners.
Other elective officials authorized to make investments under
subsection (a)(2) shall make investments in conformity with the
investment program required under this paragraph.
(c) Authorized investments or financial products.--
Authorized types of investments or financial products for money . . .
shall be:
...
(2) Deposits in savings accounts or time deposits,
other than [CDs] . . . .
(3) Shares of an investment company . . . if the only
investments of the company are in the authorized
investments for county money in paragraphs (1) and (2) and:
(i) The investment company is managed in
accordance with 17 CFR 270.2a-7 (relating to money
market funds).
...
(4) [CDs] purchased from institutions insured by the
Federal Deposit Insurance Corporation or the National
Credit Union Share Insurance Fund . . . .
16 Pa.C.S. § 14906(a)(2), (b)(2) & (c)(2)-(4).
CFC - 5
shall be banks, banking institutions or trust companies,
located in the Commonwealth.
....
(c) The county treasurer shall, upon the designation of
such depository or depositories, immediately, transfer
thereto all county funds to be deposited . . . .
Former 16 P.S. § 1762(a) & (c) (emphasis added); see also 16 Pa.C.S. § 14962(a) &
(c).5
Thus, the statute draws a distinction between investments and deposits.
For example, former Section 1706(c)(11) expressly provides that investments
include CDs. Former 16 P.S. § 1706(c)(11); see also 16 Pa.C.S. § 14906(c)(4). By
contrast, money market accounts are generally considered deposits. Forbes explains
that “[a m]oney [m]arket [a]ccount [] is a bank account . . . .” ADELAIDE BY
FORBES™ AI-powered summary.6 Notably, although former Section 1706(c)(12)(i),
quoted above, mentions money market funds in passing in its discussion of the
5
The parallel provisions of the consolidated statute provide:
(a) Designation.--The county commissioners and the county
treasurer shall designate by resolution one or more depositories for
county money. The depositories shall be banks, banking institutions
or trust companies located in this Commonwealth.
...
(c) Deposits.--The county treasurer shall, upon the designation of
the depository, immediately transfer all county money to be
deposited and shall thereafter keep deposits solely in the depository
in the name of the county.
16 Pa.C.S. § 14962(a) & (c).
6
This summary explanation is available online on the Forbes website at
https://www.forbes.com/search/?q=Money%20Market%20Account%20vs.%20Money%20Mark
et%20Fund:%20What%27s%20the%20Difference? (last visited May 11, 2026).
CFC - 6
management of investment companies, it does not categorize such funds as
investments. More significantly, money market funds are categorized differently
from money market accounts in any event. As Forbes explains, “[a m]oney
[m]arket [a]ccount [] is a bank account, while a [m]oney [m]arket [f]und [] is an
investment fund managed by a private firm.” ADELAIDE BY FORBES™ AI-powered
summary, supra n.3 (emphasis added); see also Valelly v. Merrill Lynch, Pierce,
Fenner & Smith, Inc., No. 19-CV-7998 (VEC), 2023 U.S. Dist. LEXIS 64525, at
*23 n.22 (S.D.N.Y. Apr. 12, 2023) (quoting Money Market Account vs. Money
Market Fund: What’s the Difference? (FORBES ADVISOR)7 and observing that money
market funds and money market accounts are not “comparable products” and that
“[t]here are a host of [] distinctions” between them). Similarly, for tax purposes,
“[m]oney market funds (as opposed to money market accounts)[] are structured as
regulated investment companies . . . ,” while “[a] money market account is a debt
obligation of a bank and qualifies as [] cash or [a] cash item” as distinct from an
investment. Peter M. Fass, Michael E. Shaff, & Donald B. Zief, REAL ESTATE
INVESTMENT TRUSTS HANDBOOK § 5:56 Ch. 5, § V (Nov. 2025 Update)8 (emphasis
added).
7
The cited article is quoted in Valelly v. Merrill Lynch, Pierce, Fenner & Smith, Inc., No.
19-CV-7998 (VEC), 2023 U.S. Dist. LEXIS 64525, at *23 n.22 (S.D.N.Y. Apr. 12, 2023) as
available at https://www.forbes.com/advisor/banking/money-marketaccount-vs-money-market-
fund (last updated Jan. 18, 2023). However, that specific article does not appear to be currently
available on the Forbes website.
8
No Westlaw citation appears for this treatise. However, it can be found in Westlaw at
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Here, according to the complaint,
the [county commissioners’] plan for investments called
for $5 million to be placed in a First National Bank money
market account, $10 million to be placed in a sixty (60)-
day CD at Somerset Trust Company, and $10 million to
be placed in a ninety (90)-day CD at First National Bank.
The $10 million ninety (90)-day CD amount had been
lowered from the previously planned $15 million amount
due to impending end-of-year County expenses. To
ensure access to the funds by year’s end, the $5 million
difference was shifted to the sixty (60)-day CD to increase
the sixty (60)-day CD amount to $10 million.
Reproduced Record (R.R.) at 6a (emphasis added). However, the treasurer,
apparently without differentiating between investments and deposits, refused to
place any funds with Somerset Trust Company. Id. at 6a-7a.
The statutory language of former Section 1706 facially authorizes only
the county commissioners to establish an investment program and requires the
treasurer to make investments consistent with that program. Former 16 P.S.
§ 1706(a)(2) & (b)(2); see also 16 Pa.C.S. § 14906(a)(2) & (b)(2). Therefore, I agree
with the majority that the treasurer was not entitled to a voice in the development of
the county commissioners’ investment program.
By contrast, former Section 1762(a) provides that the choices of
financial institutions to receive deposits of county funds are to be made by the county
commissioners together with the treasurer. Former 16 P.S. § 1762(a); cf. 16 Pa.C.S.
§ 14962(a) (providing that the choices of financial institutions to receive deposits of
county funds are to be made by the county commissioners and the treasurer). The
statute does not clearly provide, and the parties disagree about, the extent to which
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the treasurer is entitled to be involved in the choice of institutions for deposits of
county funds under Section 1762(a). Without deciding the precise extent of the
involvement required, I observe that here, the county commissioners, other than
directing the treasurer to solicit interest rate information from various institutions,
apparently took the position that the treasurer was to be excluded completely from
the process of choosing institutions for placement of county funds, without
differentiating between investments and deposits. See R.R. at 11a (asserting that
“treasurers are elected to county office to account for county money, not . . . to have
a voice in what is done with it”) & 13a (seeking a declaratory judgment “that the
[c]ounty [c]ommissioners are the responsible managers and administrators of the
fiscal affairs of the [c]ounty, to the exclusion of [the] [t]reasurer”) (emphasis
added). Because such an exclusion ignores the plain language of Section 1762(a),
and because I conclude that the money market account contemplated by the county
commissioners constituted a deposit rather than an investment, I cannot agree with
the majority to the extent that its holding means the county commissioners are
entitled to make the same unfettered choice under Section 1762(a) regarding
deposits that they are authorized to make under Section 1706 regarding investments.
For the foregoing reasons, I dissent in part.
__________________________________
CHRISTINE FIZZANO CANNON, Judge
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