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This report examines the performance of the public funds currently invested by the Will County Treasurer’s Office. This narrative covers investment activity and performance in December 2012.
Total Investment Portfolio
The County’s investment holdings at the end of December had a market value of $320.9-million. The office made no investments in December, opting to hold the remaining property tax distributions as cash.
The Treasurer’s Office has invested $191.2-million (59.5%) across a variety of fixed income security types (excluding cash). The total portfolio (including cash) has a Yield-to-Maturity of 1.08% with an average maturity of 2,156 days (5.9 years).
Corporate Class C Fund
The Corporate Class C Fund is the principal operating account for the county. The Treasurer’s Office uses this fund to pay employees, vendors, and other operating liabilities.
As of December 31, 2012, the market value of the Corporate Class C Fund was $131.8-million. Yield in the Corporate Class C Fund was 56.7 basis points, including cash.
With property tax collection and the annual tax sale complete, the Treasurer’s Office began drawing on investments as they matured in order to cover operating expenses. This is part of our normal business cycle, and something we prepare for each year.
Our office does not anticipate making investment purchases until mid-May unless favorable opportunities arise, or we strategically re-balance our cash holdings.
Treasurer’s Class C Fund
The Treasurer’s Class C Fund is the county’s capital improvements fund. The Treasurer’s Office holds proceeds from the county and township motor fuel tax, automation funds, and other revenue.
As of December 31, 2012, the market value of the Treasurer’s Class C Fund was $189.1-million. Yield in the Treasurer’s Class C Fund was 73 basis points, including cash.
The Will County Treasurer’s Investment Policy sets two benchmarks to which we will compare investment performance:
- The 3-month average of the 90-day Treasury Bill as quoted by
- The Money Funds Report of all taxable 7-day simple yield as reported on www.IMoneyNet.com
As of January 2, 2013, both the Corporate Class C Fund and Treasurer’s Class C Fund exceed our policy benchmarks. The funds also exceed informal benchmarks against the 12-Month Treasury and 52-Week CDAR. The yields reported for Benchmark Tests include cash holdings.
|January 2, 2013||Corporate Class C||Treasurer’s Class C|
|7-Day Net Simple||0.0200 %||0.5670 % (Exceed)||0.7300 % (Exceed)|
|90-Day Treasury Bill||0.0900 %||0.5670 % (Exceed)||0.7300 % (Exceed)|
|12-Month Treasury||0.1700 %||0.5670 % (Exceed)||0.7300 % (Exceed)|
|52-Week CDAR||0.2400 %||0.5670 % (Exceed)||0.7300 % (Exceed)|