Trumbull County investment advisory board accepts first-quarter 2025 report; no policy changes

The Trumbull County Investment Advisory Board on April 30 voted 3-0 to accept the treasurer’s first-quarter 2025 investment report after a presentation by Chief Deputy Sam Gearhart. Treasurer Lamacusa and Commissioners Hernandez and Bernard voted to approve the report.

Chief Deputy Sam Gearhart told the board that as of March the county had about $134,900,000 invested and walked members through the quarterly package, which included CD and securities activity, an interest-versus-fees comparison and the daily Form 6 cash and investment statement. "Today, I have provided, all of you at your desk a copy of the first quarter investment reports if you'd like to follow along with me," Gearhart said while introducing the packet.

The report showed 18 security interest payments processed during the quarter that totaled $160,950; the low interest rate on those payments was 0.58% and the high was 4.85% (the security earning the high rate had been called in January and was no longer held). Treasurer Lamacusa invested in three securities during the quarter totaling $3,000,000: one fixed-rate security at 4.55% for three years, one at 4.50% for three years and one at 4.40% for two years. The security inventory summary showed $1,000,000 called and $3,000,000 matured earlier in the period, yielding a current book value of $38,250,000 from a prior quarter book value of $39,250,000.

Gearhart also reported interest receipts of $1,244,073.89 through March against a budgeted interest revenue of $4,422,435.61 for fiscal 2025. He cautioned that economic volatility could affect interest estimates and said the office will continue to monitor returns and update the board on material changes. For context, he summarized benchmark rates: the Federal Open Market Committee has the federal funds rate at a 4.25%–4.50% range, and the STAR Ohio pool rate moved from about 5.47% year-over-year to roughly 4.49% in late March/early April.

The board also reviewed the county’s investment policy. Members were told there was no recommended change at this time; the policy will remain on future agendas because of market volatility but no amendments were proposed or adopted.

The board first approved acceptance of minutes from the Jan. 29, 2025 organizational and regular meetings and then approved the first-quarter investment report. After routine business and no public comment, the board voted to adjourn.