Treasurer’s Monthly Report
Financial Data as of January 31, 2019
Presented February 20, 2019
Investment Rates and balances as of January 31, 2019:
DESCRIPTION RATE WA State Treasurer LGIP 2.49% Umpqua Bank 2.27% US Treasury, 3 month 2.40% US Treasury, 6 month 2.45% US Treasury, 1 year 2.55% US Treasury, 2 year 2.49% US Treasury, 3 year 2.46% US Treasury, 4 year US Treasury, 5 year
2.45% 2.46%
Island County Investment in ICTIP 67% $ 72,436,160
Junior Taxing Districts’ Investment in ICTIP 33% $ 35,225,198
Junior Taxing Districts’ Investment in Umpqua Bank $ 15,423,700
Total Investments Managed by the Treasurer $ 123,085,058
Cash Held for Daily Needs:
Key Bank $ 10,291,173
Whidbey Island Bank $ 3,429,641
Total Cash Balances $ 13,720,814
Investment earning rates as of January 31 all hover around the 2.25% to 2.5% range with
little appreciable difference present between short (less than 6 months) and long (more
than 1 year) investment terms. Accordingly, as long-term investments purchased 3 or
more years ago mature, the Island County Treasurer Investment Pool’s (ICTIP) current
investment philosophy is to maintain most investments in maturities of 1 year or less.
Transition from the separate County Residual Cash investments and the directed Junior
Taxing Districts to the ICTIP was made in January. By the beginning of March we
anticipate that all larger districts will sign ICTIP participation agreements.
As of January 31, the 2018 levies for Current Expense, Roads, and Conservation Futures
were 98% collected. This is consistent with prior years’ collection rates.
Foreclosure Update – 2019 Foreclosure proceedings began with 148 properties subject
to foreclosure for 2016 and prior; as of January 31, the number not redeemed was 130.
Supplement Update – 195 supplements were processed in January; the backlog is 48.
The number of REET affidavits processed in January was 315 compared to 317 in
December and 340 in January 2018. The County’s portion of excise revenue was
$183,476 in January, on sales of $56 MM. This REET activity resulted in Island County
YTD excise revenue of $43,906 less than for the same period in 2018, and $40,959 less
than in 2017. See chart for annual comparisons of the month of January, 2013 - 2019.
2.10%
2.15%
2.20%
2.25%
2.30%
2.35%
2.40%
2.45%
2.50%
2.55%
2.60%
January February March April May June July August September October November December
Investment Earnings Rate Comparison, January 2019
State LGIP - 2019 Umpqua Bank - 2019 US Treas 3 mo - 2019 US Treas 6 mo - 2019 US Treas 1 yr - 2019
US Treas 2 yr - 2019 US Treas 3 yr - 2019 US Treas 4 yr - 2019 US Treas 5 yr - 2019
283 270
343
382
344
509
445
442
407
385
298
389
289
309
390
349
452
525
399
476
446
353
368
451
357
316
436
397
444
504
394
478
416428
356 352340
315
381 379
432
465
490
459
370
389
332
317315
150
200
250
300
350
400
450
500
550
January February March April May June July August September October November December
Island County 2015-19 REET - Number of Affidavits Processed by Month
2015 2016 2017 2018 2019
Total REET Affidavitsprocessed YTD
2019 3152018 4,6692017 4,8782016 4,8072015 4,497
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
2019 REET
2018 REET
2017 REET
2016 REET
2015 REET
2014 REET
2013 REET
REET - Island County Portion of REET Excise Collections: 2013 - 2019
Island County YTD Excise Revenue2019 $ 183,4762018 $4,052,0462017 $3,864,9762016 $3,395,0092015 $2,797,7782014 $2,235,1812013 $1,937,688