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By Rick Armon
Beacon Journal staff writer
Published on Friday, Nov 28, 2008
Summit County has shifted $35 million from money market and savings accounts into longer-term investments, hoping to boost its interest income next year.
The move is expected to generate $1.2 million at the same time that interest income is falling. The county is looking for even more money to shift into its investment portfolio next year to help offset overall declining revenues, county officials said Wednesday.
''It's good cash management,'' said Dennis Yacobozzi, the county's investment adviser and president of United American Capital Corp. in Worthington. He updated county leaders Wednesday on investments.
The county earned $11.5 million in interest income in 2007, but that is expected to fall to $8.78 million this year and $5.5 million next year because of lower interest rates.
Summit has $154.7 million in its core portfolio, with the investments split among the Federal Home Loan Bank (36.5 percent), the Federal Farm Credit Bank (27.6 percent), Freddie Mac (18 percent) and Fannie Mae (17.9 percent). Its current average yield is 3.59 percent.
The county has not invested in commercial paper but might change that stance depending on the market.
''We try to maximize as much interest revenue as possible and never, ever put in jeopardy the principal,'' county Fiscal Officer John Donofrio said.
Rick Armon can be reached at 330-996-3569 or rarmon@thebeaconjournal.com.
Summit County has shifted $35 million from money market and savings accounts into longer-term investments, hoping to boost its interest income next year.
Get the full article here.
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