Curry County budget committee reviews treasurers account structure, elects chair and vice chair

Nick, the county treasurer, told the Curry County Budget Committee that the county holds most operating funds in the Local Government Investment Pool (LGIP) and a separate road pool, and described how tax, payroll and reimbursements flow between four primary accounts.

The presentation explained that LGIP account 5100 functions as the countys main operating and savings bucket, a road pool receives fuel and related road tax receipts from ODOT, a treasurers checking account is kept at a working balance (about $500,000 to $700,000), and an "unseg[regated] tax" account receives property tax receipts before disbursement to more than 50 taxing districts.

Why it matters: committee members pressed the need for a clearer investment strategy after the treasurer said interest earned in the LGIP has fallen from about 5% to 4.6%, and compared the countys approach unfavorably to similarly sized counties that hold smaller percentages in LGIP and diversify into Treasury bills and other low-risk instruments.

Most important facts

- The treasurer said the countys interest-bearing holdings are concentrated in two places: the LGIP and the road pool; the LGIP interest rate the treasurer reported is currently 4.6%, down from about 5% earlier this year.

- The treasurer said the road pool receives monthly payments from the Oregon Department of Transportation (ODOT) for fuel tax and related shared vehicle taxes and typically holds roughly $200,000; withdrawals from the road pool occur for road projects and payroll tied to road operations.

- The county received about $944,000 in O&C funds this year, money committee members said offsets roughly $927,000 in projected increased personnel costs (PERS increases plus average step increases, about 7% total). That infusion, officials said, largely explains the year-over-year increase in cash balances.

- Several FEMA reimbursements for road work were still arriving, one reimbursement figure the treasurer referenced was $400,000; those reimbursements reimburse previously spent project dollars rather than representing new spending capacity.

Treasurers presentation and investment concerns

The treasurer walked members through the monthly statement and described the flow of funds between accounts, including small transaction fees (reported as a few cents per transfer and at most one dollar for some LGIP activity). He said the county currently keeps a large share of its liquid balances in the LGIP and operating accounts but that comparable counties invest a smaller share in LGIP and achieve larger overall returns using diversified portfolios.

"It's gone down from 5% to where it is now at 4.6," the treasurer said, referring to the interest rate on LGIP holdings.

Committee members noted other counties reported returns closer to 7% to 8% and suggested the treasurer present options to diversify into low-risk instruments such as Treasury bills or to pursue other strategies (including the issuance of municipal debt or hiring external investment management). The treasurer and members emphasized that restricted funds (for example, building or planning reserves and some departmental balances) remain within the LGIP bucket but cannot be used for unrestricted spending.

Finance staffing and outsourcing

The committee was told the county is between finance directors and contracted a certified public accounting firm (represented by "Eric") to manage this budget season. Director Fitzgerald was named as the budget officer for the 2025-26 budget cycle while the county uses contracted finance support. The committee said it has received three bids for longer-term finance services, including a proposal from Rogue Valley Council of Governments and another firm.

Officer elections and procedural items

The committee conducted several procedural votes. Members unanimously approved the meeting agenda. The committee then nominated and elected Patrick as budget committee chair (motion and second recorded; roll-call votes recorded for members present) and appointed Jay as vice chair. Director Fitzgerald was designated as the budget officer for the 2025-26 budget season.

Meeting schedule and public-comment notice requirements

Committee members scheduled follow-up budget meetings to review the proposed budget compiled by the contracted CPA and to allow for public comment. They tentatively set a meeting for 2:00 p.m. on June 12 with a backup meeting at 1:00 p.m. on Friday the following day if additional review or public comment is needed. Staff referenced statutory notice rules for budget committee meetings and advised that, if the first meeting is set only to receive the budget message, a subsequent meeting must be scheduled specifically for public comment and both must be published in the legal notice.

Ending

Members asked the treasurer and contracted finance staff to return with options to diversify investments and with comparative figures for prior years. The committee adjourned after finishing officer elections and setting the next meeting dates.