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County treasurer reports investment changes, new fraud protections
Summary
Treasurer Chris Hoffman told commissioners property-tax collections have been depressed by delinquent commercial parcels but remain historically strong; the office is shifting investments for rate-risk management and implemented a Positive Pay program to prevent check fraud.
Chris Hoffman, Grand County treasurer, delivered an annual financial overview covering property-tax collections, back taxes and county investments.
Hoffman said commercial delinquencies in recent years reduced collection rates but noted the five-year average collection rate remains strong and that some previously delinquent parcels are catching up. "Because our tax rates our our collection rates have been increasing over the last, several years, since 2014, we have saved taxpayers about $5,800,000 in taxes that otherwise would have had to been charged," he said, describing how collection-rate assumptions affect tax-rate calculations.
On investments, Hoffman explained a tactical shift: the county moved a significant portion of funds out of the Public Treasurer's Investment Fund (PTIF) into a diversified portfolio managed by advisers at Raymond James and began using sweep accounts and a new guaranteed-return account to hedge interest-rate risk. He cautioned that future interest earnings may decline if rates fall.
Hoffman also announced the county has implemented Positive Pay to reduce check-fraud risk: "It's called Positive Pay," he said, explaining the bank compares presented checks to a submitted file so the county can spot discrepancies. Commissioners thanked him for the update and asked for continued briefings on collections and investment performance.
