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County treasurer reports FY25 receipts, investment strategy and new bank services; warns of economic uncertainty
Summary
Treasurer Sarah Benatar presented the annual report on tax collections, pooled investments and banking changes: the office reconciled roughly $1.38 billion in FY25, moved property tax lockbox services to a new bank and emphasized a conservative safety‑first investment approach amid economic uncertainty and the federal shutdown.
Coconino County Treasurer Sarah Benatar delivered the office’s annual report and an economic update to the Board of Supervisors on Oct. 1, summarizing fiscal year 2025 receipts and disbursements, changes in banking services and the county’s investment approach.
FY25 highlights and cash management Benatar said the treasurer’s office reconciled nearly $1.38 billion in FY25 and that the office manages deposits and investments not only for the county but for school districts, fire districts, the community college and other special districts. "The treasurer's office, we collect property taxes. It's what I always say we are most known for, but it actually is a small percentage of what our office actually does," she told the board.
Property tax collections: Benatar reported a FY25 current tax collection rate of about 97.85%, a slight decline from the prior year’s figure just over 98%. She noted the county’s delinquent parcel pool now contains a larger share of commercial parcels than residential, and staff are monitoring trends.
Banking and operational changes The treasurer announced a change of banking services after a competitive request for proposals: the county selected PNC as its bank and began PNC lockbox processing for mailed property tax payments, which Benatar said provides secure, 24/7 operations and faster (48‑hour) posting.
Investments and approach Benatar reiterated the treasurer’s guiding investment principles of safety, liquidity and yield. The county’s pooled investments on fiscal‑year end included a mix of agency bonds (about 46%), corporate bonds (about 30%), money‑market funds (14%) and U.S. Treasuries (10%). Total net distributions to pool members (interest/returns/fees) were approximately $11.85 million for FY25.
Outlook and economic risks The treasurer and guest presenter Paulina Wu (investment manager) warned of wider economic uncertainty: inflation has trended higher year‑over‑year in some measures, the Federal Reserve signaled rate cuts and the yield curve reflects market expectations. The federal government shutdown — ongoing at the time of the meeting — adds additional uncertainty and delays some federal economic reporting; Benatar said the county is monitoring cash flow, state funds that can temporarily back programs (for example TANF) and potential impacts to federal grants and program payments.
Why it matters The treasurer’s office plays a central role in cash management and safeguarding public funds; decisions about where to invest and how much liquidity to maintain affect the county’s ability to pay warrants, meet payroll and keep capital and emergency project schedules on track.
Next steps Benatar said the office will share more detailed breakdown slides on population, tribal enumerations and that staff will roll out account validation services (AVS) tools for invoice validation and fraud mitigation countywide.
Quote "We want to make sure that every dollar in is a dollar out," Benatar said, describing the safety and liquidity focus of county investments.
Ending note Supervisors asked for follow‑up slides and emphasized coordination with departments that may pursue county loan or project financing as interest‑rate and federal funding conditions evolve.
