Patrick Sullivan, Lake County’s county treasury tax collector, presented the recommendation and the reports and asked the board to accept the June 30 and Sept. 30, 2025 pooled investments reports.

Carlos Oblidos of Chandler Asset Management opened the presentation by saying, “The news are all around good,” and reported that the program is in compliance with the California Government Code and the county’s investment policy. He said the consolidated pooled treasury program was valued at about $465,500,000 as of Sept. 30, 2025 and described the portfolio as highly diversified and high credit quality.

Oblidos gave the portfolio’s yield‑to‑maturity figure as 4.31% as of Sept. 30 and noted a related forward‑looking yield figure of about 4.38% in the portfolio’s internal measures. He warned that market yields have been falling recently and that as higher‑yielding securities mature, reinvested proceeds will likely earn lower rates. “The impact for next year for next fiscal year shouldn't be significant,” Oblidos said, describing the county’s chosen longer‑duration strategy (about 1.7–1.8 years) as a deliberate move to protect income as market rates change.

Oblidos said roughly 27.75% of the portfolio is held in U.S. Treasury securities, supporting the program’s safety and liquidity objectives. He presented performance figures showing a 12‑month total return of 4.32% to Sept. 30 and said the portfolio has outperformed its benchmark over recent measurement periods.

A supervisor asked how a decline in reinvestment rates would affect budgeting and planning. Oblidos repeated that the near‑term impact should be limited because only a portion of the portfolio will roll into lower yields before the fiscal year ends; he cautioned that subsequent fiscal years could see the effect more strongly if rates remain lower.

Treasury staff presented quarterly cash flows and noted the county received a little over $6,000,000 in cash flow during the quarter cited, the figures the county uses for budgeting. Staff said that cash receipts are near peak levels and could decline if the Federal Reserve continues cutting rates.

Patrick Sullivan moved that the board accept both the June 30 and Sept. 30, 2025 pooled investments reports; a colleague seconded, the board voted in favor and the motion carried. The board thanked Oblidos and county staff for the presentation.

The board took no public comment on the item.