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Ada County treasurer: July investments exceeded forecast; yields improved
Summary
The county treasurer reported July portfolio returns above projections, saying the county is 'right at 9,800,000' compared with an earlier $9.3M forecast and explained recent bond purchases that raised yield-to-maturity figures.
Ada County's treasurer told the Board of Commissioners on Aug. 11 that the county's July investment portfolio performance had exceeded earlier forecasts and that recent buying strategies increased yields to maturity. The treasurer said the county was ‘‘right at 9,800,000 right now,’’ compared with an earlier projection of $9.3 million for the fiscal year.
The treasurer walked commissioners through a July maturity and a new purchase, noting the county replaced a lower-yield bond with a larger purchase whose yield to maturity was higher and whose maturity is about three years out. "We purchased a little under 9,000,000, and the yield to maturity on this bond was, 4.471," the treasurer said while explaining portfolio moves. The treasurer cautioned that future rates are uncertain but characterized the recent purchase as prudent given current yields.
Commissioners thanked staff for the explanation and asked clarifying questions about how stated coupon rates and purchase discounts affect realized yield. The treasurer and staff said they will continue routine reporting; no formal action beyond acceptance of the report was recorded.
