Trumbull County advisory committee accepts Q4 2024 investment report; policy unchanged

The Trumbull County Investment Advisory Committee on Jan. 29 accepted the treasurer’s fourth-quarter 2024 investment report and approved the county’s existing investment policy with no changes.

Chief Deputy Gearhart of the treasurer’s office presented the quarterly and annual reports, saying the county had approximately $134.9 million invested at month-end December 2024 and that quarterly interest on securities totaled $211,233.33. The committee also reviewed security purchases, maturities and the office’s year-end interest totals.

The report shows four security purchases during the quarter totaling $3.25 million with fixed coupon rates of about 4.25%–4.55% and terms ranging from two to four years. Gearhart summarized maturity and call activity: during the quarter roughly $6 million matured, about $2 million was called, and one Federal Home Loan Bank security for $1 million matured the day of the meeting. Book value moved from about $44 million in the previous quarter to about $39.25 million at year-end after those maturities, calls and purchases.

For the year, the treasurer’s office recorded 104 security interest payments, producing $978,126.39 in security interest; the office reported total interest income for 2024 of $5,978,664.32, which exceeded an earlier estimate submitted to the auditor of $5,886,768.53. The treasurer’s fall submission for budgeted interest for 2025 was listed as $4,422,435.61. Gearhart also noted that 2024 produced the highest annual interest revenue in the county’s 24-year historical record provided in the packet.

Treasurer Sam Lamacusa reiterated that Trumbull County does not use an outside investment adviser, saying such services would cost an estimated $60,000–$130,000 a year and that the county’s in-house management has been effective.

Committee members moved to accept the fourth-quarter report. Commissioner Tony Bernard moved and Commissioner Rick Hernandez seconded the motion; roll-call votes recorded Bernard, Hernandez, Clerk of Court Randy Law and Treasurer Sam Lamacusa voting yes.

The committee also approved the existing investment policy without change; that motion passed by roll call earlier in the meeting.

No public commenters addressed the investment report during the meeting.

The committee’s acceptance of the report means the treasurer’s quarterly and annual investment materials will be filed and the treasurer’s office will continue to provide monthly and quarterly reporting to the auditor as described in the packet.