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Treasurer: McHenry County senior-services fund returned income and will reinvest at higher rates
Summary
Treasurer Donna Kurtz told the Senior Services Grant Commission the portfolio began at $1.5 million, saw a June distribution of about $515,000 and has produced roughly $48,400 in income to date; Kurtz said short durations and higher yields should allow stronger reinvestment next year.
Donna Kurtz, the commission treasurer, gave a midyear report on the Senior Services Grant portfolio, reporting the commission started with $1,500,000 invested and recorded a June distribution of just over $515,000. "So we we started out with, 1,500,000 invested," Kurtz said, and the commission has recorded income of about $48,400 to date with a projection near $50,000.
Kurtz described the portfolio mix — treasuries for liquidity, taxable municipals and corporates for yield — and said short durations position the fund to lock in higher rates when reinvesting. She highlighted upcoming maturities in September and December and cautioned that geopolitical uncertainty and inflation are keeping interest rates elevated. "The good news is next year when you put forth your reinvestment, you're gonna make more money, and we're gonna lock it in at those higher rates," Kurtz said. Commissioners asked how distributions are handled; Kurtz said funds are wired into the Senior Services Grant Commission bank account and staff manage subsequent grant disbursements.
