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Ada County treasurer reports portfolio just under $300 million, October income above projections
Summary
Treasurer's office presented the October investment report showing a portfolio market value just under $300 million, roughly $974,000 in interest receipts for October and discussion of LGIP, diversified bond funds and mortgage‑backed securities; staff explained par vs. market value and liquidity considerations.
Treasurer Beth Mah and investment staff presented the county’s October investment report to the board. Staff reported the portfolio market value at just under $300 million as of Oct. 31 and called attention to interest receipts for the month (about $974,000), which — if annualized at current rates — could exceed the previously projected $9.3 million for the fiscal year.
Staff explained the county’s holdings across instruments: local government investment pool (LGIP), diversified bond funds (DBF), mortgage‑backed securities, municipal bonds and money markets. They emphasized that the county focuses on par value and liquidity because the county does not trade those securities routinely; market value fluctuations do not change the county’s plan to hold investments to maturity.
The presentation included a maturity report and a recent purchase of a Fannie Mae mortgage‑backed security with a yield‑to‑maturity of about 3.733% and an expected duration of 3.8 years. Staff explained that LGIP yields reflect short‑term instruments and provide higher yield than a bank account while keeping funds liquid for county cashflow needs.
Commissioners asked why the county holds significant invested balances; staff explained that many funds are dedicated to specific county purposes and tax revenues are received in concentrated periods, requiring investment for cashflow management.
