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County treasurer and CFO give March financial update; portfolio near $355M amid global uncertainty
Summary
Treasurer Bill Kooge reported the county portfolio at about $355 million and provided an economic overview (inflation uptick, mortgage rates, treasury yields); CFO Robert Tinto updated the board on March financials, budget‑book timing and fund projections including modest FTE additions and updates to fair/expo and other funds.
County Treasurer Bill Kooge presented the March treasurer's report and an economic overview to the Board of Commissioners, saying geopolitical events are creating uncertainty for energy and financial markets while domestic indicators show mixed signals.
Kooge discussed global energy disruptions tied to recent Middle East conflict, noted the Federal Reserve meeting outlook, and cited March inflation reports: he said the consumer price index showed a sharp month‑over‑month increase and the producer price index also rose, both factors feeding into higher short‑term treasury yields and mortgage rates. He told commissioners the 30‑year fixed mortgage was around 6.47% and the bellwether 10‑year treasury yield was elevated at month end.
On local metrics, Kooge reported a portfolio balance of about $355,000,000 at month end; he said the month‑to‑month decrease primarily reflected a large tax turnover processed in early March. He reported net investment earnings were up versus last month and noted that portfolio yields had softened slightly month‑over‑month but remained within policy guidelines.
Chief Financial Officer Robert Tinto briefed the board on the March 31 financial report and the status of the FY27 budget work. He said budget binders will be distributed to the budget committee and appropriate staff on May 5. Tinto reported a net addition of about 2.5 full‑time equivalent positions in recent months (including a 0.5 victim‑advocate and a courthouse custodian) and said overtime spending remains within budget projections. He reviewed fund‑by‑fund projections, including an increase in general fund projected ending balance driven mainly by a transfer in of repurposed ARPA dollars from the Deschutes River Conservancy and small adjustments across other funds.
Tinto and Kooge answered commissioner questions about lodging tax receipts, fair/expo event projections and the health benefits fund; both emphasized that while some large events were cancelled the fair/expo budget reduces corresponding expenditures and that the county’s health benefits position has improved after rate and plan adjustments. Tinto said no funds are currently over budgeted personnel costs and highlighted that the county remains about three‑quarters through the fiscal year.
The board did not take any formal votes on these reports; staff will continue to finalize the budget book and return with additional materials for the May budget committee meeting.
