Wayne County treasurer reports $76.12 million in FY24-25 interest; earnings fall about $6 million
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Summary
The committee received the fourth-quarter and year-end investment report from Wayne County Treasurer Eric R. Savree; John Grama of the treasurer's office said interest earnings totaled $76.12 million for fiscal 2024-25 and noted portfolio and reserve balances.
The Wayne County Committee on Ways and Means on Nov. 2 received a written communication from Wayne County Treasurer Eric R. Savree and heard figures presented by John Grama of the treasurer's office. Grama said the county recorded $74,200,000 in interest to the general fund and $1,800,000 into reserves in fiscal year 2024'25, for a combined total of $76,120,000, down roughly $6,000,000 from the previous year.
Grama told commissioners the county's general fund portfolio is about $2.05 billion and the reserve fund balance is about $44,900,000. He attributed the decline in interest earnings to several Federal Reserve rate reductions during the year.
Commissioners did not raise substantive questions about the math on the floor and thanked treasury staff for the presentation. The communication was filed as part of the committee packet.
The committee did not vote separately on the investment report; the matter was received and filed as part of a batch of routine budget and certification items sent forward to the full board.
