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Lake County review: $400 million portfolio, liquidity set aside for safety center; plan to lock yields in 3-year bucket
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Summary
An investment advisor told the Lake County Investment Advisory Committee the county ended 2025 with $400 million in assets (about $133 million in cash and $263 million in securities), with roughly $125 million maturing within 12 months and a weighted average yield of 3.77%; staff plan to use a mix of short-term and three-year securities to protect returns while preserving liquidity for an upcoming safety service center.
At its January meeting the Lake County Investment Advisory Committee heard a portfolio update from an adviser representing METER Public Funds.
The presenter said the county's total portfolio at the end of 2025 stood at $400,000,000, comprised of $133,000,000 in cash (overnight/liquid investments) and $263,000,000 in securities. He said about $125,000,000 of securities are scheduled to mature within the next 12 months; that positioning is intentional to ensure funds are available to cover project costs for the county's safety service center beyond amounts financed through notes and bonds.
The consultant reported a weighted average portfolio yield of 3.77%, up from about 3.7% a year earlier. He said the county reinvested $42,000,000 in the fourth quarter of 2025, splitting the reinvestment between short-term instruments and some securities in the three-year maturity range.
On market outlook, the presenter reviewed 2025 rate moves and said the Federal Reserve provided guidance that could imply two rate cuts over the next two years, with timing contingent on economic data, particularly labor-market readings. Given expectations for lower rates, the adviser said it makes sense to lock some funds into the three-year bucket because yields for securities maturing beyond two years currently exceed 4%.
The presenter stated all securities in the portfolio are permissible under the Ohio Revised Code and the county's investment policy. Committee members thanked the adviser and staff; one commissioner praised the collaboration between the adviser and Treasurer Zarin and his staff.
No formal investment actions or policy changes were voted at the meeting; the presentation was advisory and staff will continue portfolio management in coordination with the treasurer.
