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Coconino treasurer reports FY25 receipts near $700M, outlines portfolio and cash‑management changes
Summary
County Treasurer Sarah Benatar briefed the board on FY25 finances: reconciled receipts just under $700 million, disbursements about $665 million, and pooled deposits near $432 million at year‑end. She outlined banking changes including a new lockbox through PNC, anti‑fraud tools, and the county’s conservative investment allocation; an outside
Coconino County Treasurer Sarah Benatar delivered the FY25 annual report and described changes to the county’s banking and investment operations.
Key numbers: Benatar told the board the treasurer’s office reconciled just under $700 million in receipts for FY25 (taxes, sales taxes, grants and investment income), disbursed about $665 million in warrants and transfers and held pooled deposits of roughly $432 million at fiscal‑year end. The office reconciled $1.38 billion in cash flows for the year across the county and districts.
Operations and risk controls: The treasurer described a new bank contract and lockbox with PNC Bank to speed mail‑in property‑tax processing, introduced an account‑validation service (AVS) to reduce invoice fraud, and said the office is prioritizing preservation of principal, liquidity and yield in that order. Investment positions at year‑end were weighted toward agency bonds (~46%), corporate bonds (~30%), money markets (~14%) and Treasuries (~10%).
Economic outlook: An outside investment manager presented a market update noting the Federal Reserve’s initial rate cuts and a likely lower rate environment ahead, yield‑curve inversion, and uncertainty from the federal government shutdown. The treasurer cautioned about potential impacts to collection rates and timing of congressionally directed spending; she said some federally funded programs (e.g., WIC) are being monitored but not immediately at risk.
Implications: The board and treasurer discussed potential short‑term loans or interdistrict investments to cover local cash timing issues and the criteria the treasurer’s office would use (market‑based premium above Treasury yields and adequate collateral/repayment assurances).
Sources: Treasurer’s FY25 presentation and market briefing from METER Investment Management at the October work session.
