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10/27/25 03 PM: Quarterly Investments, Debt Reports; 2026 Schedule Approved

Quarterly Investments, Debt Reports; 2026 Schedule Approved

Finance Committee reviewed Q3 investments ($202M portfolio, 4.29% LGIP rate), debt ($160M total), and unanimously approved joint quarterly meetings with full BOCC on last Mondays of Jan/Apr/Jul/Oct 2026 for better oversight.

Quarterly Investments Report

Metadata

  • Time Range: 00:02:43.000–00:12:44.000 (PART 1)
  • Categories: budgeting, investments

Summary

Treasurer presented the Local Government Investment Pool (LGIP) rates at 4.2918% for September, compared to Treasury yield curves, noting the LGIP's historical performance above shorter-term rates and expectations of a potential federal funds rate drop. Total investment portfolio as of end of September was $202 million, including $197 million in the state's LGIP pool and Treasurer's cash of $38.6 million (including district funds), with general fund cash balance at $6.4 million. 98% of county and special district investments are in the LGIP, 2% in agency securities; no CDs currently held due to low rates for public funds; September LGIP rate of return was 4.29%.

Key Discussion Points

  • Treasurer explained LGIP trailing federal rate changes post-COVID and performing well for daily liquidity needs, with longer-term CDs now more appealing as rates stabilize.
  • Portfolio includes securities with 1.74% rate of return; general fund has $4 million in investments, Fire District 2 $372,000 (possibly mis-transcribed as "well seen"), Power Valley $400,000, library funds.
  • Discussion on inverted yield curves, federal funds rate (4-4.25%), and impact on 2024 GAN on sewer line of credit.
  • Treasurer: Noted anticipation of Fed meeting on October 29 potentially dropping rates by a quarter point.

Public Comments

No public comment on this topic.

Supporting Materials Referenced

No supporting materials provided for analysis; reports referenced in transcript (e.g., charts, yield curves, portfolio summaries) were presented but not included.

Financials

  • Total portfolio: $202 million ($197 million LGIP, $38.6 million Treasurer's cash including districts).
  • General fund cash: $6.4 million.
  • LGIP September rate: 4.2918%; portfolio rate of return: 4.29%.
  • Securities rate of return: 1.74%.
  • General fund investments: $4 million; Fire District 2: $372,000; Power Valley: $400,000.

Alternatives & Amendments

No alternatives discussed.

Outcome, Vote, and Next Steps

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

Quarterly Debt Report

Metadata

  • Time Range: 00:12:44.000–00:16:18.000 (PART 1)
  • Categories: budgeting, debt

Summary

Total debt ending balance $160,029,000; School District 50 refunded debt, saving $1.89 million; county debt steady at $6,039,000 with no payments this quarter. Presented 30-year debt schedule including interest/principal payments (first 5 years detailed, then 5-year increments), with Jefferson County committed to portions via communication sales tax and JEFCOM portions through 2033. Highlighted 2024 GAN line of credit payoff due 12-1-26; JEFCOM portion of $3.144 million due 12-1-23, used for sewer cash flow during construction funded by grants.

Key Discussion Points

  • Treasurer: Debt positions by period showed School District 50 principal paid via refunding; county debt unchanged.
  • Noted JEFCOM maturing by end-2023 at ~$3 million principal.
  • Unidentified speaker: 2024 GAN was for cash flow on sewer project, not new spending.

Public Comments

No public comment on this topic.

Supporting Materials Referenced

No supporting materials provided for analysis; reports referenced in transcript (e.g., debt positions, 30-year schedule, JEFCOM chart) were presented but not included.

Financials

  • Total debt: $160,029,000.
  • County debt: $6,039,000.
  • School District 50 savings: $1.89 million from refunding.
  • JEFCOM portion: $3.144 million principal due 12-1-23.
  • 2024 GAN line of credit payoff: Due 12-1-26 (amount contributes to high 2026 payment line).

Alternatives & Amendments

No alternatives discussed.

Outcome, Vote, and Next Steps

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

2026 Finance Committee Meeting Schedule

Metadata

  • Time Range: 00:16:27.000–00:26:35.000 (PART 1)
  • Categories: operations

Summary

Committee discussed options for 2026 quarterly meetings: revert to Finance Committee only (Treasurer, Auditor, BOCC chair, non-voting County Administrator) on fourth Tuesdays of Jan/Apr/Jul/Oct, or continue 2025 format of joint meetings with full BOCC on last Mondays of those months. Explained statutory limits (RCW), debt policy requirements, and benefits of joint format for continuity and commissioner education. Motion passed to hold joint meetings with full BOCC on proposed dates.

Key Discussion Points

  • Treasurer: 2025 joint meetings experiment per prior decision for commissioner involvement; options include locations (1st floor or current room); joint format uses BOCC Zoom/facilities.
  • Benefits: More commissioners for oversight, easier debt coordination; constraint: Cannot add topics as special meeting.
  • Unidentified speakers: Preference for joint to aid learning/continuity; coordination seamless; can be regular meeting of both bodies.
  • Proposed dates checked for holidays/fifth Mondays; 3 PM time works.

Public Comments

No public comment on this topic.

Supporting Materials Referenced

No supporting materials provided for analysis; sheet with RCW, options, and dates referenced but not included.

Financials

No financial information discussed.

Alternatives & Amendments

  • Option 1: Finance Committee only, fourth Tuesdays Jan/Apr/Jul/Oct.
  • Option 2 (selected): Joint with full BOCC, last Mondays Jan/Apr/Jul/Oct 2026.
  • Friendly amendment: Remove "special" from motion to allow as regular meeting.

Outcome, Vote, and Next Steps

  • Decision: "Finance Committee meet with the full Board of County Commissioners for our quarterly meetings on the last commissioner meeting in January, April, July, and October 2026" (wording adjusted via friendly amendment).
  • Vote: Unanimous (all in favor: Aye).
  • Next Steps: County Administrator's office to confirm availability and agenda placement; dates as proposed (not specified verbatim in transcript).

Background Materials

Contents

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