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Lincoln County investment of $7M yields about 2%; commissioners to review portfolio with Raymond James
Summary
County staff said a $7 million portfolio managed via Raymond James is projecting about a 2% return this year ($283,000), lower than expected; commissioners asked staff to schedule a follow-up review with the investment advisor.
County staff told commissioners the county invested $7 million of a larger local assistance payment with the goal that annual interest would fund employee wages. The presenter said the county uses Raymond James for portfolio management and that the current blended return is about 2%: "For that big of an investment it seems like they should do better than anything... but there they have to be fairly secure assets," staff said.
Commissioners expressed disappointment the return was modest given recent market performance and asked staff to bring Raymond James back for a detailed review. Staff agreed to schedule a meeting with the investment representatives and to present alternate scenarios in the budget calculator so the board can visualize trade-offs between return, risk and liquidity.
