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County treasurer reports $303 million portfolio; treasurer flags shutdown and housing market trends
Summary
County Treasurer Bill Kim reported a September portfolio balance of roughly $303 million and briefed the board on economic headwinds including the federal government shutdown and expected Federal Reserve action.
County Treasurer Bill Kim presented the county's September treasury and economic briefing, reporting a portfolio balance of about $303 million and discussing national and local economic factors affecting county investments.
Kim outlined the national context: the federal government shutdown (day 27 at the time of the briefing), potential impacts on federal programs and furloughed workers, market expectations for a quarter‑point Federal Reserve rate cut, and limited national data releases due to the shutdown. Kim said the county's Local Government Investment Pool (LGIP) yield had been 4.6% and that portfolio yields were starting to modestly decline as recent short‑term rates fell. He described a strategy of matching investments to expected debt service needs in 2026–2028 and reported a weighted average portfolio term to maturity of about 1.08 years.
Kim also summarized local housing and rental market indicators: September median single‑family home prices in Bend and Redmond, a combined multifamily vacancy rate of about 11.1% in the Bend/Redmond market following 920 new units delivered in the prior year, and fewer multifamily starts forecast for 2026. He noted higher vacancies at higher‑end properties and continued demand for older, more affordable units.
Chief Financial Officer Robert Tintold presented unaudited fiscal first‑quarter results (ending Sept. 30). Tintold noted that general fund resources typically ramp up in November when property taxes are collected and that the county's assessed value increase (reported by the assessor) came in near budget assumptions, producing a modest projected positive variance for the general fund. He said overall expenditures were below a straight‑line 25% of budget for the first quarter and that the county was tracking to plan.
Ending: The board received the reports and asked staff to continue monitoring economic and portfolio developments; staff described the reports as informational and on track for the first quarter.
