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Treasurer reports laddered CDs and Illinois Funds 'iFiber' settlement held in liquid account
Summary
The treasurer's update noted laddered certificates of deposit with recent renewals at 4% for 24 months, a sizable Illinois Funds variable-rate money market account holding proceeds from an iFiber settlement and mobile-home tax collections due in early May.
The LaSalle County treasurer reported on April 15 that the county is laddering certificates of deposit, recently renewed a federal CD at 4% for 24 months and is holding proceeds from an iFiber settlement in an Illinois Funds money-market account for liquidity.
The treasurer described investment strategy as laddering maturities into 2025–2027 to balance yield and liquidity. "I have a couple of them come and do that we'll be work renewing. So but overall, I think public safety has, 3 of them coming due here pretty quick too… If I can get 4% on the certificates or get close to it, that's kinda what I'd like to try to get there," the treasurer said in explaining his approach.
Committee members asked about the iFiber settlement proceeds that are held in Illinois Funds. Staff said the settlement is parked in a variable-rate Illinois Funds money-market account that the county can access at any time. When asked whether funds could be pulled at any time, the treasurer said yes; when asked about the current rate the treasurer said it was "like 4 and a half now, somewhere in there." The exact account balance was not specified in the meeting; when asked whether it was "over $8,000,000," staff said they would have to check and that the amount was "somewhere in that number." The treasurer said the funds are being held for liquidity until the board directs longer-term investment decisions.
On tax collections, the treasurer said mobile-home taxes totaling about $121,000 will be due May 2 and that about $50,000 has been collected to date; the clerk added that mobile-home bill sizes vary but average about $81. County staff presented no formal investment policy change at the meeting and no new long-term commitments were approved.
