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Mason County treasurer reports $26.7 million cash balance for 2024; investment income exceeded budget
Summary
The county treasurer reported a year-end cash balance of about $26.7 million for 2024 and investment interest collections above budget, and provided an updated view of reserves, the investment portfolio and county debt during the Jan. 21 Finance Committee meeting.
Mason County Treasurer Lisa Fraser reported to the county's Finance Committee that the county finished 2024 with an operating cash balance of about $26.7 million and that investment interest collections exceeded the 2024 budgeted amount.
Fraser presented the quarter-four report and a graphical summary of cash and reserve comparisons. She reported investment interest collections for 2024 totaled about $2.5 million against a budgeted $900,000. The treasurer noted banking costs are minimal and that a compensating balance with the county's bank helps offset fees. The report listed the county's investment portfolio market values and noted the county's benchmark is the 90-day T-bill rate (4.34% as of Dec. 31, 2024) and that the state local government investment pool rate was 4.6%.
Fraser provided a county debt recap showing the outstanding balance declined to about $16.8 million after year-end payments. She reported that some capital projects (for example, a RAD project on Shetland Road) remain in winter pause while easements and other work continue toward construction in spring. Committee members discussed the possibility of internal financing for some projects if bank financing proved impractical; the treasurer advised internal loans could be structured (example: five-year loans with balloon payments and refinancing) but that further details and formal recommendations would need to come back to the commission via the finance committee.
The committee also discussed reserve policy changes and cautioned the board to remain mindful of projected year-end balances and reserve requirements for 2025 to avoid crowding unobligated funds.
Key figures and clarifications (as reported by treasurer)
- Reported year-end cash balance (2024): approximately $26,700,000. - Investment interest collections (2024): approximately $2,500,000 (budgeted $900,000). - Reported market value of investments and portfolio totals were presented in the packet (treasurer provided a summarized total for cash and investments as reported in the meeting materials). The treasurer noted figures are quarter-end reporting and the packet contains the detailed backup.
No action items requiring a commission vote were presented at the Finance Committee meeting; the treasurer called the quarter report and adjourned the session.
