Wasco County reviews January finances, moves forward on possible LGIF investment and budget adjustments
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Summary
Finance Director Mike Middleton reported January performance: property taxes and investment earnings are near targets but some funds needed administrative adjustments; the board authorized staff to pursue Short‑Term Fund Board review to add the Oregon Local Government Intermediate Fund (OLGIF) to the county investment policy, with a final recommendation expected in June.
Wasco County’s finance director reviewed January unaudited statements and asked the board to authorize the next steps for a potential investment‑policy amendment to allow the county to invest in the Oregon Local Government Intermediate Fund (OLGIF).
Mike Middleton said general fund revenues and property tax collections are performing near expectations (property taxes at about 90.4% of budget), and that investment earnings are tracking at roughly 73% of projections through January. He cautioned that some funds required administrative adjustments to remain balanced and that overtime in the Sheriff’s Office and 911 reflects staffing shortages; a recent new hire in 911 will require months of training before reducing overtime.
On investments, Middleton described OLGIF as a state‑managed intermediate portfolio that typically yields higher returns than short‑term pools at the cost of reduced liquidity (month‑end redemptions require five business days notice). He said OLGIF’s annualized return as of December 2025 was about 4.70% and that the fund’s historical performance can be more volatile; the county’s formal investment policy must be amended and reviewed by the Oregon Short‑Term Fund Board before Wasco can participate. Staff will pursue that review and bring a formal June recommendation to the Board if the Short‑Term Fund Board confirms eligibility.
Budget adjustments: Commissioners also approved two resolutions that reflect mid‑year changes — the recognition of newly billed Community Service Fee and Guaranteed Annual Payment receipts and specialty court grant awards — and staff noted an $8 million return to the Department of Administrative Services related to a canceled Resolution Center project but that interest earned was retained.
What’s next: By consensus the board authorized staff to seek the Short‑Term Fund Board’s review of the proposed OLGIF inclusion; staff will return with a detailed amendment and application if the board of fund reviewers signals approval.