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LaSalle County trustees hear insurance-trust analysis; advisers say trust is about $3–3.5 million short
Summary
Trustees reviewed a year-end bond and insurance-trust packet showing a $6.6 million portfolio, roughly $1.9 million in annual withdrawals, and an estimated $3–3.5 million shortfall to carry the trust through bond maturities; an actuary’s January report was requested.
LaSalle County trustees on the meeting record reviewed the county’s year-end bond and insurance-trust reports and were told the trust’s invested portfolio stands at roughly $6.6 million and covers upcoming principal, interest and claim needs only with a modest shortfall.
Philip Slevin, a financial presenter identified during the meeting, told trustees the portfolio’s cash-basis return for the fiscal year was about 4.06%, yield-to-maturity about 3.56% and portfolio duration about 1.59. He said the investments include treasuries, municipal bonds, certificates of deposit and money-market funds and that roughly $2.3 million in maturities…
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