Warren County treasurer: portfolio withdrawals underway after $5.5 million property purchase

During the Investment Advisory Board meeting, the Warren County treasurer said the county has begun withdrawing funds from its investment portfolio to cover recent commissioner-ordered distributions and a $5,500,000 real-estate purchase and to ensure available cash for payroll and operating expenses.

The treasurer said the county’s contracted investment advisor, identified in the meeting as METER, provided a new monthly report with a concise top‑level summary and a sixth-page portfolio snapshot that shows average yield, average maturity, effective duration and a breakdown of holdings. “The sixth page is a wonderful summary of all the relevant information about the portfolio from a top down point of view,” the treasurer said.

The treasurer told the board the portfolio has been largely self-sustaining during his term, funded previously by real-estate tax collections, but that activity changed after commissioners approved distributions to BMOC and the recent $5,500,000 property purchase. He said the county has begun “pulling money out of the investments portfolio to … meet those,” adding the withdrawals are being managed to keep enough cash on hand for routine needs such as salaries.

Board members praised the regular summaries from METER as useful context for cash-flow decisions. The treasurer said the county has used changes in state law over time to expand eligible investments and to access short-term tools such as commercial paper when appropriate, which he said produced returns the county could apply to public services.

The treasurer also introduced the treasurer-elect, Randy Cuda, and confirmed the new treasurer will take office the first Monday in September; the treasurer noted the county auditor’s term begins the first Monday in March, a staggered schedule established to avoid simultaneous turnover of county financial officers.

No formal action was taken on the investment report during the meeting.