Sunday, March 9 2014 10:54 PM EDT2014-03-10 02:54:31 GMT
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TOLEDO, OH (Toledo News Now) -
In recent years, local income tax and sales tax
collections have picked up following the recession. However, when it comes to
return on investment, Lucas County's portfolio is not making as much compared
to pre-recession times.
This year that portfolio, currently totaling $218.7
million, will return roughly $2 million, compared to $10 million five years
ago. Information provided on Thursday to the Lucas County Investment Advisory
Committee shows second quarter returns came in at $537,644, a 36 percent
decrease compared to last year.
County Treasurer Wade Kapszukiewicz says that's a result
of lower treasury yields and a lower balance, and says the county is looking at
ways to maximize returns at a time when interest rates have affected their
"The returns on our portfolio went down," he said. "It's
a simple equation of math: Interest rates go down, we're going to be bringing
in less revenue in our investments. However, there's a lot of evidence interest
rates might increase here."
Kapszukiewicz says one change the county is making is
investing $10.2 million in ‘commercial paper,' which he calls a better
short-term option than certificates of deposit or money market.