Treasurer: County mailed more than 67,000 tax bills; $293 million due, investments yielding about 4.4%

Treasurer Jim reported that LaSalle County mailed more than 67,000 tax bills for the year and that the total amount due on those bills is approximately $293,000,000.

The report, presented June 17 to the Tax Election GIS Committee, said collections to date total about $13,000,000 and that the county will make its first distribution on July 7, followed by four additional distributions at roughly 30-day intervals. Jim said mobile-home assessments totaled about $9,098,000, with roughly 83% already collected.

The treasurer described the county’s investment posture: a $1 million certificate of deposit that matured at 5% was renewed at 4% for 18 months. He said the county’s laddered portfolio should keep overall yields above 4% for the next several years and that the general account’s average return is “almost 4.4%,” producing about $1,400,000 in interest so far this year.

Jim said the surplus property auction is planned for August, with sealed bids opening in mid-to-late September; a press release will be issued in July. He also explained that many of the county’s brokered CDs are purchased through a broker and that handling fees typically run about $5 per certificate; certificates are purchased at par in $1,000 increments.

Why it matters: The tax-bill mailing, collection pace and investment returns drive near-term cash flow and the county’s short-term revenue distributions to taxing districts.

Committee action: The committee voted to place the treasurer’s report on file. James Bailey moved to place the report on file; Nancy Urich seconded. The motion carried.

Less-critical details: Jim said the total assessed value subject to collection has risen over the last three to four years (he summarized year-to-year increases) and that staff will monitor collections as the July due date approaches.