Treasurer reports strong returns, warns of bank‑account fraud and seeks fresh look at tax bill
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Summary
King County Treasurer reported investment returns and interest income well above projections, described 18 recent attempts to access county accounts, and asked the executive committee to consider a resolution to reexamine the county tax bill and issue an RFP to review the current vendor.
King County Treasurer Bill Lawson told the Finance and Budget Committee on Dec. 23 that the county's investment performance has outpaced market benchmarks and produced materially higher interest income than projected. "Cumulative interest earned over the last 5 years is 68,500,000," Lawson said, and described a recent run of attempted bank fraud that has prompted police reports and tightened defenses.
"We are a sitting target," Lawson said, adding that "in the last maybe a month, 6 weeks, there have been 18 attempts." He commended staff and the county's banking partner for their response and said the county is taking several defensive measures while investigations proceed.
Lawson also reviewed portfolio composition, saying roughly 85% of the portfolio yields about 4.25% for the medium‑term holdings and noting a potential capital gain of about $3,500,000 in addition to cash returns. He described a recent liquidity‑analysis RFP and said the county is working to keep "a maximum amount of our money working for the taxpayers."
On transparency and taxpayer information, Lawson asked the chair to place a non‑voting draft resolution before the executive committee to request a fresh look at the county tax bill, including a printed pie chart and direct phone numbers for taxing bodies on mailed bills. He said the county will use a database to associate roughly 270 phone numbers with individual tax bills.
Why it matters: stronger‑than‑expected investment returns improve the county's near‑term fiscal position and helped reduce the amount of reserves expected to be used in fiscal 2026. The reported fraud attempts show an immediate operational risk that the county said it is addressing with law enforcement and bank partners.
What comes next: Lawson asked that the draft tax‑bill resolution be considered by the executive committee; staff said they will move forward with an RFP to ensure value and to confirm whether contract termination is appropriate.