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Investment consultant reports $113M market value; recommends laddering to lock rates
Summary
Valley View Consulting reported Gregg County’s portfolio market value fell to about $113 million as of Sept. 30, 2025, with fiscal-year-to-date interest income of roughly $6.13 million; consultant Adam Ringenberg recommended continued laddering of maturities to protect yield amid expected rate cuts.
Adam Ringenberg of Valley View Consulting presented Gregg County’s quarterly investment report on Oct. 28, saying the market value of the county’s investments declined to about $113,000,000 as of Sept. 30, 2025, down from roughly $136,000,000 a year earlier.
"Fiscal year to date was 6,126,000," Ringenberg said, and he reported quarterly interest income of $1,447,000. He described the current yield range on the county’s holdings as roughly 4.4%–4.6% and noted the portfolio included several certificates of deposit yielding above 5%.
Ringenberg said the yield curve has been unusual (inverted) and that market expectations pointed to federal funds rate cuts later in the year. Because of that outlook, he recommended the county continue laddering fixed maturities and coordinate timing with capital-spend projects so cash is available when needed while locking in favorable yields.
Commissioners asked clarifying questions about the laddering strategy, short-term investments, and tradeoffs between liquidity and yield. The court voted to approve the quarterly investment report as presented.
Why it matters: Investment strategy affects the county’s interest income and its ability to fund capital projects. The consultant’s recommendation to ladder maturities is intended to smooth cash flows and preserve yield in a falling-rate environment.
Quote: "Given these cuts that are expected, we would ask you to continue laddering your investments out to lock in rates," Ringenberg told the court.
