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Finance Committee approves updated investment guide and hears strong fourth-quarter returns
Summary
The committee approved an adjustment to the county's core portfolio calculation and reviewed a fourth-quarter 2024 investment report noting about $3.2 million in realized and unrealized gains and rolling one-year returns near 4.25%.
The Warwick County Finance Committee on Feb. 20 approved the annual review and adjustment of the county’s investment guide and core portfolio calculations.
Finance staff presented the fourth-quarter 2024 investment report, saying realized and unrealized returns combined produced about $3.2 million in favorable results versus budget expectations. Staff attributed higher returns to interest-rate movements that were different than projected and to higher-than-anticipated cash balances.
As part of the annual recalculation, the committee approved raising the core portfolio target (investments with six-month to five-year maturities) from $85 million to $98 million and adjusting institution limits proportionally. Staff said the core portfolio minimum — previously established to dampen fluctuations in investment returns — will remain as part of the county’s strategy.
Supervisors asked for return percentages; staff said quarterly yields were roughly in the 5% neighborhood with a rolling one-year average about 4.25%. The committee approved the investment guide adjustments by voice vote.
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