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County treasurer reports portfolio beat and reinvestment activity; minor changes proposed to investment policy, budget planning to begin in September
Summary
The county treasurer presented the July portfolio and investment activity; staff proposed two minor edits to the county investment policy and outlined upcoming budget and audit work. The treasurer and finance director briefed the board on portfolio yields, recent reinvestments and projected liquidity needs.
The county treasurer and chief financial officer briefed commissioners on the July 2025 financial and investment reports and proposed minor changes to the county's investment policy.
The county treasurer (identified in the packet) reported a month-end portfolio balance of about $306 million, down roughly $16.9 million from June due to large accounts-payable runs and funding needs. Net investment earnings for July were about $1,030,000. Staff reported a portfolio yield of about 4.1% and that the Local Government Investment Pool (LGIP) rate remained at 4.6% for July.
Treasury staff said they had reinvested roughly $8 million into longer-term securities in the April'August 2028 range to extend the maturity ladder and had also placed roughly $6 million into short-term funds. The treasurer described the portfolio's weighted term to maturity as about one year and said the manager is targeting monthly redemptions in the $6'$8 million range to meet upcoming capital needs.
The treasurer presented two minor modifications to the county's investment policy recommended by the investment advisory committee: remove the static, descriptive detail about portfolio size on page 1 (it changes yearly and is not policy-defining) and correct contradictory language about the maximum weighted average maturity. Staff said the Oregon Short Term Fund (OSTF) staff reviewed the changes and deemed them immaterial; OSTF will include the modification on its consent agenda in November.
Chief Financial Officer Robert Tinto updated the board on near-term finance activities: the county is preparing for a fiscal-year audit (Baker Tilly, the successor to Moss Adams, will be on site for interim work), the fiscal-year-27 budget process will begin in September, and staff will return to the board with PERS employer-incentive matching information in September (the county applied and is in a pool for a potential state match that would pair local reserve dollars with state resources under that program).
On fund-level notes, health-services and behavioral-health funds are projecting reduced state grant awards and are reviewing carryover amounts; the treasurer and CFO also flagged transient-lodging tax (TLT) certificate-of-authority fees starting Sept. 1 and the timing of revenue recognition for those fees.
Commissioners asked questions about portfolio maturity distribution, the OSTF review and how the PERS match would be evaluated. Staff said more detailed documents and a draft policy redline were included in the packet and would be reviewed by the county's policy advisory committee prior to final action if the board authorizes it.
