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07/28/25 03 PM: Treasurer Reports Stable Investments, Low Debt; Approves Signers

Treasurer Reports Stable Investments, Low Debt; Approves Signers

County Treasurer reviewed $209M investments (98% LGIP at 4.39%), $6M debt, secured signer approval for bank accounts, and shared debt updates.

Treasurer's Investment Report

Metadata

  • Time Range: 00:02:28–00:20:04 (PART 1)
  • Categories: budgeting, other

Summary

The Treasurer presented the monthly investment summary, noting stabilization in the Local Government Investment Pool (LGIP) rates at 4.3933% for June, with prior months in the 4.37-4.44% range and July at approximately 4.4%. Total investments across county and special districts reached $209 million, with 98% in LGIP and 2% in agency securities; Treasurer's Cash stood at $43.4 million (92% LGIP, 8% agency securities like Fannie Mae and Freddie Mac). Interest earnings of $143,870.85 (net of $50 fee) were allocated to the General Fund in June, with discussion on maintaining liquidity over longer-term investments due to yield curve normalization and anticipated rate stability.

Key Discussion Points

  • Treasurer highlighted LGIP stabilization as positive, comparing it to 10-year Treasury averages and noting an end to the inverted yield curve, indicating economic stability (Treasurer).
  • Total portfolio breakdown: $209 million overall, with $205 million across banks including $100,000 in state pool; 98% of county/special district investments in LGIP (Treasurer).
  • Treasurer explained preference for liquidity in shorter-term investments (up to 2 years via LGIP) over locking in lower 5-year rates, citing need for district access and risk aversion (Treasurer).
  • Discussion on federal credit rating downgrade versus Washington's higher state rating; Treasurer noted state's decades-long efforts to maintain strong rating for lower borrowing costs, clarifying "rainy day fund" as reserves (Treasurer, Commissioner).
  • Fire District 2 secured 3.875% on some investments; Treasurer opted against due to current LGIP yields around 4.38% (Treasurer).
  • Opioid settlement funds (Fund 131) not yet invested; requires Board resolution to direct Treasurer; other pharmaceutical funds transferred to Cash 135 (Commissioner, Treasurer).

Public Comments

No public comment on this topic.

Supporting Materials Referenced

Visual aids including LGIP charts, investment summary, portfolio reports, and accrued interest details were presented and referenced during discussion. Supporting materials were not provided for analysis.

Financials

  • LGIP effective rate: 4.3933% (June), stabilized at 4.37-4.44% (prior months), July ~4.4%.
  • Total investments: $209 million (county and special districts).
  • Treasurer's Cash: $43.4 million.
  • Treasurer fund agency securities: $4 million (older low-rate investments: 0.5-2.5%).
  • June interest to General Fund: $143,870.85 (net of $50 investment fee).
  • General Fund cash balance provided for context (exact figure not stated).

Alternatives & Amendments

  • Longer-term investments (up to 5 years) considered but rejected due to lower yields compared to LGIP, emphasis on liquidity for district needs, and yield curve dynamics (Treasurer).
  • No formal alternatives proposed.

Outcome, Vote, and Next Steps

  • Decision: Informational report; no formal action taken.
  • Vote: None.
  • Next Steps: Treasurer to check status of Fund 131 investment request from opioid workshop; Board to provide resolution for Fund 131 investment (Treasurer, Commissioner).

Treasurer's Debt Report

Metadata

  • Time Range: 00:20:04–00:22:23 (PART 1)
  • Categories: budgeting, other

Summary

The Treasurer reviewed debt positions, noting $3 million borrowed on the 2024 General Anticipation Notes (GAN) for sewer projects, with interest paid in June. County debt payments included $101,000 in interest and $58,000 in principal for the month. Overall county principal outstanding is $6,039,000 (including JEFCOM portion), described as low, with a significant balloon payment due on the 2024 GAN; charts distinguished county versus JEFCOM debt.

Key Discussion Points

  • Current borrowings: $3 million on 2024 GAN for sewer (Treasurer).
  • Monthly payments visualized in positions by period and 30-year statement (Treasurer).
  • County debt low overall; includes JEFCOM-shared portions (Treasurer).

Public Comments

No public comment on this topic.

Supporting Materials Referenced

Debt positions by period report and 30-year statement charts were presented. Supporting materials were not provided for analysis.

Financials

  • 2024 GAN borrowed: $3 million (sewer).
  • June payments: $101,000 interest, $58,000 principal (county-wide).
  • County principal outstanding: $6,039,000 (includes JEFCOM portion).
  • Balloon principal due: $3 million (2024 GAN).

Alternatives & Amendments

No alternatives discussed.

Outcome, Vote, and Next Steps

  • Decision: Informational report; no formal action taken.
  • Vote: None.
  • Next Steps: No next steps specified.

Authorized Signers for Treasurer's Office Bank Accounts

Metadata

  • Time Range: 00:22:37–00:25:40 (PART 1)
  • Categories: operations, personnel

Summary

The Treasurer requested adding the Financial Planning and Analysis Manager position to authorized bank account signers, alongside existing Treasurer, Chief Deputy Treasurer, and Investment Specialist Accountant positions, to enable administrative updates without committee action and ensure backup coverage. Emphasis placed on internal controls preventing unilateral actions and need for redundancy in daily banking tasks, informed by COVID-era lessons.

Key Discussion Points

  • Shift from individual to position-based authorizations for efficiency (Treasurer).
  • Four positions total; supports liquidity and operational continuity (Treasurer).
  • Internal banking and system controls in place (Treasurer).

Public Comments

No public comment on this topic.

Supporting Materials Referenced

Statement of issue provided in agenda packet materials. Supporting materials were not provided for analysis.

Financials

No financial information discussed.

Alternatives & Amendments

No alternatives discussed.

Outcome, Vote, and Next Steps

  • Decision: "Motion to authorize the positions of Treasurer, Chief Deputy Treasurer, Investment Specialist Accountant, and Financial Planning and Analysis Manager to be authorized signers on the Treasurer's Office Bank Accounts."
  • Vote: Unanimous (all in favor, "Aye").
  • Next Steps: No next steps specified.

Future Agenda Items and Updates

Metadata

  • Time Range: 00:25:40–00:28:23 (PART 1)
  • Categories: budgeting, other

Summary

Committee members suggested ongoing finance discussions; Treasurer updated on recent closings including $8.5 million for the hospital and a $23 million refunding for School District 50. Discussion noted limited participation by junior taxing districts, with Treasurer handling coordination via email or visits. Meeting adjourned at 3:28 PM.

Key Discussion Points

  • Upcoming debt: $8.5 million hospital closed last week; $23 million School District 50 refunding in process (Treasurer).
  • Junior taxing districts do not regularly present; coordination varies (Treasurer, Commissioner).
  • Appreciation for joint BOCC-Finance Committee format for broader participation (Chair).

Public Comments

No public comment on this topic.

Supporting Materials Referenced

No supporting materials referenced.

Financials

  • Recent debt closing: $8.5 million (hospital).
  • Pending: $23 million refunding (School District 50).

Alternatives & Amendments

No alternatives discussed.

Outcome, Vote, and Next Steps

  • Decision: No formal action; informational updates.
  • Vote: None.
  • Next Steps: No next steps specified.

Background Materials

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