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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 August 2013.
Total Investment Portfolio
The county’s total holdings at the end of August had aof $243.6-million. The Treasurer’s Office has invested $188.2-million (77.2%) across a variety of security types (excluding cash). The total portfolio (including cash) has a Yield-to- of 82.4 basis points (0.824%) with an average maturity of 1,712 days (4.7 years).
Corporate Class C Fund
The Corporate Class C Fund is theoperating account for the county. The Treasurer’s Office uses this fund to pay employees, vendors, and other operating liabilities.
As of August 30, 2012, the market value of the Corporate Class C Fund was $114.7-million. Yield in the Corporate Class C Fund, including cash and, was 55.4 basis points.
The Treasurer’s Office invested $10.4-million of the county’s levy during August, taking our total levy investment to $67.7-million. As we have discussed previously, these investments will mature beginning in December so our office can meet the operational obligations of the county through next May.
Our objective has been to beat the Six Monthby 50 basis points, or ½-percent. As of this report, we have an investment yield of 75.9 basis points, which is 20.9 basis points above our goal.
From this point, the office will reserve all property distributions in our Money Market Accounts.
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.
As of August 30, 2012, the market value of the Treasurer’s Class C Fund was $119.1-million. Yield in the Treasurer’s Class C Fund, including cash and money markets, was 1.12%.
We previously discussed our intention to redeem up to $15-million of fixed income investments by mid-September in order to increase our Money Market holdings. The decision to rebalance the Treasurer’s Class C Fund is due, in part, to increased expenditures by the Highway Department over the past six months. These expenditures appear to be part of roadand repair costs related to the county’s road and bridge bonds.
The Will County Treasurer’s Investment Policy sets two benchmarks against which we compare the performance of our investments.
- The 90-Day Average of the 1-Year Jumbo National Rate as quoted by the FDIC
- The 90-Day Average of the 3-Year as quoted by the U.S.
We use these two benchmarks because they closely relate to the length of time we hold an investment.