Commissioners unanimously approve financial-adviser recommendations as markets show volatility

The Seminole County Board of County Commissioners voted unanimously to implement the recommendations of the county's investment adviser following a remote briefing on market conditions and the county portfolio.

Financial adviser Jeremiah McIntyre told commissioners the market has been "shaky," with investors shifting from inflation worries to recession concerns, and that volatility will likely persist through the first half of the year. McIntyre said the county's portfolio is well positioned, noting recent reinvestments and that many purchases were placed beyond one year to lock in higher yields.

McIntyre said the portfolio's February yield was 4.48 percent and that the two-year Treasury yield recently traded near 3.90 percent, lower than levels at which the county made some prior purchases. He highlighted a roughly $13 million Treasury security maturing in about six weeks and told the board most recent purchases were pushed out one to three years to capture yields above 4 percent.

Commissioner Lawrie moved to "implement the recommendations of our financial advisor based on the report submitted today and recommend the court implement said recommendations." The motion was seconded and carried unanimously.

The board asked no follow-up questions after the motion. McIntyre said he would return to present maturities and further recommendations at the next monthly meeting.

Commission discussion and the vote constituted formal board action to accept the adviser's recommendations; no ordinance, budget amendment or additional appropriation was advanced as part of this vote.