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Mason County Finance Committee Report
2025 First Quarter (January - March) Submitted April 5, 2025
1
Mason County Finance Committee
Lisa Frazier,Mason County Treasurer
Steve Duenkel,Mason County Auditor
Randy Neatherlin,Mason County Commissioner
RCW 36.48.070
County finance committee—Approval of investment policy and debt policy—Rules.
The county treasurer,the county auditor,and the chair of the county legislative authority,ex officio,shall constitute the county finance committee.The county treasurer shall act as chair of the committee and the
county auditor as secretary thereof.The committee shall keep a full and complete record of all its proceedings in appropriate books of record and all such records and all correspondence relating to the committee
shall be kept in the office of the county auditor and shall be open to public inspection.The committee shall approve a county investment policy and a debt policy and shall make appropriate rules and regulations
for the carrying out of the provisions of RCW 36.48.010 through 36.48.060,not inconsistent with law.
36.48.010 Depositaries to be designated by treasurer.
36.48.040 Depositaries to be designated by treasurer--Deposited funds deemed in county treasury.
36.48,050 Depositaries to be designated by treasurer--Treasurer's liability and bond additional.
36.48,060 Definition--"Financial institution"
December 2019-2018 Current Expense Ending Cash Balance
December 2020-2019
December 2021-2020
December 2022-2021
December 2023-2022
December 2024-2023
September 2023-2022
September 2024-2623`a
June 2023-2022
June 2024-2023--
March2024-2023
March 2025`1022""
$(5,000,000.00) $- $5,000,000.00 $10,000,000.00 $15,000,000.00 $20,000,000.00 $25,000,000.00 $30,000,000.00 $35,000,000.00
March 2025-2024 March 2024-2023 June2024-2023 June2023-2022 September2024- September2023- December2024- December2023- December2022- December2021- December202O- December 2019-
2023 2022 2023 2022 2021 2020 2019 2018
3 Difference $(1,486,765.33) $388,933.80 $(432,785.16) $2,830,176.92 $(1,172,444.24) $3,040,391.88 $206,675.83 $864,635.54 $4,961,209.26 $5,430,352.61 $4,029,294.40 $4,242,643.62
*Prior Year Cash Balance $25,804,027,12 $25,415,093.32 $29,301,414.76 $26,471,237.84 $28,296,767.15 $25,256,375.27 $26,497,166.39 $26,497,166.39 $21,535,957.13 $16,105,604.52 $12,076,320.12 $7,833,676.50
s Current Year Cash Balance $24,317,261,79 $25,804,027.12 $28,868,629.60 $29,301,414.76 $27,124,322.91 $28,296,767.15 $26,703,842.22 $27,361,801.93 $26,497,166.39 $21,535,957.13 $16,105,604.52 $12,076,320.12
GENERAL FUND RESERVE AND CONTINGENCY POLICY 2021.034
Year 2024 Expenditures Percentage Policy Balance 3/31/2025 Difference Less Reserves
General Operating 2025 $ 48,917,407.00 15% $ 7,337,611.05 $ 24,317,261.79 $ 16,979,650.74 $ 9,079,650.74
General Operating 2025 $ 48,917,407.00 20% $ 9,783,481.40 $ 24,317,261.79 $ 14,533,780.39 $ 6,633,780.39
General Operating 2025 $ 48,917,407.00 25% $12,229,351.75 $ 24,317,261.79 $ 12,087,910.04 $ 4,187,910.04
Reserves 2025
Contingency Reserve $ 1,000,000.00
Technology Replacement Reserve $ 400,000.00
Equipment&Vehicle Replacement Reserve $ 1,000,000.00
Accrued Leave Reserve $ 500,000.00
Capital Reserve $ 5,000,000.00
Total Reserves $ 7,900,000.00
v
CASH&INVESTMENTS
TREASURER'S REGULAR CHECKING ACCOUNT COLUMBIA BANK $ 18,065,051.77
IMPREST ACCOUNTS $ 67,425.00
BANK DEPOSIT IN TRANSIT $ 488,684.28
EREETA IN TRANSIT $ 109,757.47
TREASURER'S INVESTED FUNDS TOTAL(see breakdown below) $ 256,80,035.48
3131/2025 313112025
COST MARKET VALUE GAIN/LOSS PORTFOLIO%
INVESTMENT PORTFOLIO $ 256,845,035.48 $ 257,039,141.16 $ 194,105.68 100.00% Rating
FEDERAL HOME LOAN BANK(FHLB) $ 3,415,519.35 $ 3,411,121.50 $ (4,397.85) 1.33% S&P AA+
FEDERAL FARM CREDIT(FFCB) $ 2,897,491.04 $ 2,884,072.15 $ (13,418.89) 1.13% S&P AA+
FEDERAL NATIONAL MORTGAGE ASSOCIATION(FNMA) $ 970,836.52 $ 1,009,784.40 $ 38,947.88 0,38% S&P AA+
FEDERAL HOME LOAN MORTGAGE COMPANY(FHLMC) $ 1,936,126.16 $ 1,682,696.40 $ (253,429.76) 0.75% S&P AA+
MUNICIPLEBONDS $ 1,766,919.75 $ 2,178,125.60 $ 411,205.85 0.69% S&PA-/AA+
US TREASURIES $ 2,690,263.95 $ 2,705,462.40 $ 15,198.45 1.05% Moody's Aaa
(TREAS DAILY CASH)WA STATE LGIP $ 37,745,173.27 $ 37,745,173.27 $ - 14.70% Not Rated
(CO DEPARTMENTSITAXING DISTRICTS) WA STATE LGIP $ 205,422,705.44 $ 205,422,705.44 $ 79.98% Not Rated
SAVINGS $ $ $ 0.00% PDPC Approved
CERTIFICATE OF DEPOSIT $ $ 0.00% PDPC Approved
REGISTERED WARRANTS (INT RATE%) $ $ $ 0.00% Debt Policy Approved
BENCHMARK: 90 Day T-Bill Rate March 31,2025 4.33%
Savings
State Pool Rate March 31,2025 4.40%
Market Rate Yield Agency/Treasury March 31,2025 1.86%
HISTORIC LGIP POOL RATES 2020-2021 1.72%-.08%
2022-2023 .09%-5.20%
2024-2025 5.20%-4.40%
HISTORICAL FEDERAL RESERVE RATES 2021 .00%-.25%
2022 .07%-4.33%
2023 4.33%-5.25%
2024 5.25%-4.5%
2025 4.5%-4.25%
INVESTMENT INTEREST COLLECTIONS
YEAR BUDGETED COLLECTED DIFFERENCE
2020 $ 800,000.00 $ 436.545.18 $ (363,454.82)
2021 $ 500,000.00 $ 124,051.45 $ (375,948,55)
2022 $ 250,000.00 $ 733,774.76 $ 483,774.76
2023 $ 250,000.00 $2,552,376.58 $ 2,302,376.58
2024 $ 900,000.00 $2,576,832.55 $ 1,676,832.55
2025 as of March 31,2025 $ 950,000.00 $ 470,184.63 $ (479,815 37)
TREASURER'S BANKING COSTS*
YEAR UMPQUA BANK BONY MELLON YEAR PD
12/1/2019 through 11/30/2020 $ $ 2,595.00 2020
12/1/2020 through 11/30/2021 $ $ 2,110.00 2021
12/1/2021 through 11/30/2022 $ $ 3,168.00 2022
12/1/2022 through 11/30/2023 $ $ 2,833.00 2023
12/1/2023 through 11/30/2024 $ $ 6,451.00 2024
1211/2024 through 3/31/2025 $ $ 2,115.00 2025
Mason County Treasurer keeps a compensating balance of approximately$8 million with Umpqua Bank to offset banking fees
Mason County Treasurer's Office
County Debt Payments
January 1-March 31,2025
*most debt payments have interest payments June 1st and principal payments December 1st annually
Account Date Num Memo/Description Amount Balance
BONDS&LOANS-MASON COUNTY Total Outstanding Balance January 1,2025 16,860,197.51
WATER METER BEARDS COVE'19 99,261.23
BONDS&LOANS-MASON COUNTY:WATER METER BEARDS
Total for WATER METER BEARDS COVE'19 02/05/2025 WIRE COVE'19 -811.04 98,450.19
N Bay/Case Inlet LTGO REF 2017 3,530,000.00
Total for N Bay/Case Inlet LTGO REF 2017 $0.00
Mason County LTGO 2013 B-Jail 790,000.00
Total for Mason County LTGO 2013 B-Jail $0.00
MASON COUNTY LTGO 2020E REF BD 1,045,230.00
Total for MASON COUNTY LTGO 2020E REF BD $0.00
MAS0144-2-1 PUBLIC WKS BD FUND 2,760,000.00
Total for MAS0144-2-1 PUBLIC WKS BD FUND $0.00
MASON COUNTY LTGO 2021 REF BD 1,959,150.00
Total for MASON COUNTY LTGO 2021 REF BD $0.00
MASON COUNTY LTGO 2020A REF BD 4,091,055.00
Total for MASON COUNTY LTGO 2020A REF BD 0.00
BELFAIR SEWER EXT-DEPTOF COMMERCE 2,434,433.28
Total for BELFAIR SEWER EXT-DEPT OF
COMMERCE $0.00
WATER METER BEARDS COVE'18A 151,068.00
Total for WATER METER BEARDS COVE'18A $0.00
Total for BONDS&LOANS-MASON COUNTY -$811.04 16,859,386.47
Accrual Basis Wednesday,April 09,2025 04:17 PM GMTZ
1
Finance Committee Business
OLD BUSINESS:
Shetland Road RID (Road Improvement District) - Loretta Swanson/Lisa Frazier
9/30/2024 - Update- Lorretta Swanson updated that the RID was created on August 13th contingent on DNS
issued August 15th. The easement conveyances are underway and road work will not be completed until late
spring/early summer 2025. The loan will be needed late 2025 after the final assessment roll hearing. The
Treasurer's Office has heard back from two banks that may be interested in financing the RID. Because of the
delay in construction, the Treasurer's Office will need to reach out again in 2025 to determine financing options.
3/31/2025- Per Lorretta- No new update.
NEW BUSINESS
Approve Meeting Minutes -January 21, 2025
Public Disclosure Commission -Treasurer's Annual T-1 For Mason County Finance Committee Signatures
Required
Respectfully Submitted:
Mason County Treasurer
Mason County Treasurer Financial Statement
a � _
Elisabeth (Lisa) Frazier March 2025
i w PO Box 429,411 N 5th Street
Shelton,WA 98584
F
360-427-9670 ext 475
001.000000.000.000 CURRENT EXPENSE FUND
Beginning Cash Balance $24,032,087.69
Tax Collections $638,495.60
Accounts Receivable/Misc Receipts $3,128,592.03
Transfers In $0.00
Total Revenue $3,767,087.63
Accounts PayablefWarrants $3,481,913.53
Transfers Out $0.00
Total Expense $3,481,913.53
Ending Cash Balance $24,317,261.79
Investment Activity
3/112025 Beginning Investments Balance $0.00
Investments Acquired i $0.00
Investments Sold _ $0.00
3/31/2025 -R ? Ending Investments Balance `s {�, � $0.00
Total Cash and Investments $24,30,261.791
4/1/2025 7:28:03 PM t
M<
Cps Mason County Treasurer Financial Statement
Elisabeth (Lisa) Frazier March 2025
~- PO Box 429,411 N 5th Street
Shelton,WA 98584
360-427-9670 ext 475
e f
800.000000.000.000 TREASURER'S DAILY CASH
Beginning Cash Balance -$25,086,693.56
Tax Collections $0.00
Accounts Receivable/Mist Receipts $0.00
Transfers In $8,519,949.68 f
Total Revenue $8,519,949.68
Accounts Payable/Warrants $0.00
Transfers Out $7,870,552.20 '
Total Expense $7,870,552.20
s f yr
Ending Cash Balance x} 2a � $24,437,296.08
Investment Activity
3/1/2025 Beginning Investments Balance '� $52,071,727.52
Investments Acquired $7,870,552.20 .
Investments Sold $8,519,949.68 /
313112025 s� � ; �, Endmg Investments Balance , $51 422,330.04'
a..E..�`....cuSYi:__.::... V-1,L L_$x.vim''...�..-,..—F.�.;_ .......' J7:.611
Total Cash and Investments $26,9185,033,96
l
4/1/2025 7:28:03 PM
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Investment Statement Balance Sheet
Date: 3/31/2025
BYN MELLON Custodian Treasurer's Cash Sheet
Statement Investments Held Custodial Investments Difference
$ 13,677,156.77 $ 13,677,156.77 $ -
Difference:
Balanced by: HB
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Investment Statement Balance Sheet
Date: 3/31/2025
Local Government Investment
Pool (LGIP) Statement Treasurer's Cash Sheet
Investments LGIP Investments Difference
$ 244,066,966.04 $ 243,167,878.71 $ (899,087.33)
Difference:
March Investment Interest Earned
Balanced by: HB
Z�j
State of Washington Local Government Investment Pool Treasury Management System
Date: 04/01/2025 6:52 am RepordD: LgipStatement
Statement of Account for No: 10230 rage 1 of 1
Primary Account
March 2025
TREASURER
MASON COUNTY 37,745,173.27
PO BOX 429 +205,422,705.44
SHELTON,WA 98584-8584 =243,167,878.71
Date Description Comment Deposits Withdrawals Balance
03/01/2025 Beginning Balance 242,767,878.71
03/04/2025 Deposit 2,000,000.00 244,767,878.71
03/05/2025 Withdrawal 1,000,000.00 243,767,878.71
03/06/2025 Withdrawal 3,800,000.00 239,967,878.71
03/12/2025 Deposit 2,000,000.00 241,967,878.71
03/21/2025 Withdrawal 3,800,000.00 238,167,878.71
03/31/2025 Deposit 5,000,000.00 243,167,878.71
03/31/2025 Month End Balance 243,167,878.71
March Earnings Daily Factor Earnings 899,087.33
Net Ending Balance 244,066,966.04
Account Summary
Beginning Balance: 242,767,878.71 Gross Earnings: 900,269.86
Deposits: 9,000,000.00 Administrative Fee: 1,182.53
Withdrawals: 8,600,000.00 Net Earnings: 899,087.33
Month End Balance: 243,167,878.71
Administrative Fee Rate: 0.0058 % Net Ending Balance: 244,066,966.04
Gross Earnings Rate: 4.4053 %
Net Earnings Rate: 4.3995 % Average Daily Balance: 240,619,491.61
WASHINGTON STATE
LOCAL GOVERNMENT INVESTMENT POOL
March 31, 2025
Average Balance Mar-25 Average Balance 2025
Investment Type Mar-25 Percentage CY 2025 Percentage
.....................
Agency Bullets 0.00 0.00% 0.00 0.00%
Agency Discount Notes 546,257,686.12 2.26% 672,910,367.90 2.73%
Agency Floating Rate Notes 5,154,714,001.54 21.31% 4,998,942,618.37 20.30%
Agency Variable Rate Notes 0.00 0.00% 0.00 0.00%
Certificates of Deposit 132,346,774.19 0.55% 124,494,444.44 0.51%
IB Bank Deposit 4,638,442,962.80 19.17% 4,715,853,483.02 19.15%
Repurchase Agreements 5,052,258,064.51 20.88% 5,306,999,999.98 21.55%
SOFR Floating Rate Notes 0.00 0.00% 0.00 0.00%
Supras-Bullets 73,728,182.61 0.30% 73,576,301.96 0.30%
Supras-Discount Notes 271,027,586.92 1.12% 524,382,779.01 2.13%
Supras- Floating Rate Notes 0.00 0.00% 0.00 0.00%
Supras-Variables 0.00 0.00% 0.00 0.00%
Term Repurchase Agreements 767,741,935.48 3.17% 585,555,555.56 2.38%
U.S.Treasury Securities 6,905,643,903.95 28.55% 6,924,714,748.74 28.13%
US Treasury Floating Rate Notes 649,932,381.08 2.69% 693,596,991.52 2.82%
Total Avg Daily Balance 24,192,093,479.20 100.00% 24,621,027,290.50 100.00%
Avg Days to Maturity 25 days
LGIP NET RATE OF RETURN
6.00
5.34 5.39 5.40 5.43 5.43 5.42 5.41 5.41 5.40 5.40 5.40 5.41 5.40
5.50 ----- 53� -- ---- - -- -- ------ ----5 23 --------
5.15 5.2D---
4. 3 4.93
5.00 ---- --- --....-
4.60
4.45 4.43 4. 0
4.50 --- - - - - -
4.00 ---
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3.00 --------- ---
2.50 --
2.00 - --
1.50 ------------- - - --
1.00
Q9� �aJ >�c PJac �eQ O`�
* Rates are calculated on a 365-day basis
WASHINGTON STATE
LOCAL GOVERNMENT INVESTMENT POOL
March 31, 2025
DAYS TO $ MATURING CUMULATIVE
MATURITY (PAR VALUE)* % MATURING % MATURING
1 8,899.80 38.2% 38.2%
2-30 1,650.00 7.1% 45.3%
31-60 2900.00 12.4% 57.7%
61-90 1:570.00 6.7% 64.4%
91-120 969.76 4.2% 68.6%
121-180 1,100.00 4.7% 73.3%
181-270 125.00 0.5% 73.9%
271-397 120.00 0.5% 74.4%
FRN/VRN 5,974.00 25.6% 100.0%
PORTFOLIO TOTAL: 23,308.56
*Amounts in millions of dollars
LGIP MATURITY STRUCTURE
10,000 - -- - ----- ------
1
8,000 -
6,000 -
1
4,000 ............_ -----— ----- -- -
0
2,000 -- --
0 -
1 30 60 90 120 180 270 397 FRN/VRN
LGIP CUMULATIVE MATURITY STRUCTURE
100%
-- 80% -- — ------- --- —-----— ----—
0
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N
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i 1 30 60 90 120 180 270 397 FRN/VRN
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Overview of Registered Warrants by District and Year
Year District Name Fund Amount Registered Amount Redeemed Interest Earned YTD Outstanding Balance
2022 Shelton School District#309 Capital Projects $ 272,184.88 $ 272,184.88 $ 1,674.67
2022 Shelton School District#309 General Fund $ 27,403,208.98 $ 27,403,208.98 $ 7,479.48
2022 Totals $ 27,675,393.86 $ 27,675,393.86 $ 9,154.15 $
2023 Shelton School District#309 General Fund $ 34,099,671.06 $ 34,099,671.06 $ 16,280.22
2023 Totals $ 34,099,671.06 $ 34,099,671.06 $ 16,280.22 $
2024 Port of Allyn General Fund $ 45,972.10 $ 45,972.10 $ 168.32 $
2024 Shelton School District#309 General Fund $ 51,989,475.57 $ 51,989,475.57 $ 74,277.87 $
2024 Totals $ 52,035,447.67 $ 52,035,447.67 $ 74,446.19 $ -
2025 Shelton School District#309 General Fund $ 6,612,028.10 $ 6,612,028.10 $ 1,955.15 $
Totals as of 3/31/2025 $ 6,612,028.10 $ 6,612,028.10 $ 1,955.15
Notes: School Districts get a monthly apportionment from the State portion of Property Taxes the last working day of each month.
The Shelton School District has been able to redeem their registered warrants monthly based on their monthly apportionment and
their portion of local school district property taxes and general revenues. However,their expenditures continue to exceed their
available cash on hand during the month to cover them to their next apportionment. At this time continues to be a good
short term investment vehicle for Mason County.
q
US DEPARTMENT OF TREASURY
DAILY TREASURY BILL RATES
Date 4 WEEKS 4 WEEKS 6 WEEKS 6 WEEKS 8 WEEKS 8 WEEKS 13 WEEKS 13 WEEKS
BANK COUPON BANK COUPON BANK COUPON BANK COUPON
DISCOUNT EQUIVALENT DISCOUNT EQUIVALENT DISCOUNT EQUIVALENT DISCOUNT EQUIVALENT
3/31/2025 4.24 4.31 4.24 4.32 4.24 4.33 4.21 4.31
v
LGIP Daily Yield
Daily, 3-day, 7-day, 30-day and True 30-dayyield earnings figures
from the Local Government Investment Pool.
Daily Yield: The net earnings figure that is calculated daily using
the investment income earned (excluding realized gains or
losses) each day, assuming daily amortization and/or accretion
of income of all fixed income securities held by the Fund, less
the administrative fee.
7 Day Yield: The daily factor is reported on an annualized 7-day
basis, using the daily factors from the previous 7 calendar days.
30 Day Yield: The daily factor is reported on an annualized 30-
day basis, using the daily factors from the previous 30 calendar
d ays.
True 30 Day Yield: The net daily earnings figure that is
calculated using the total net earnings including realized gains
and losses occurring each day, less the administrative fee.
Date
March 2025
30-Day True 30-
Date Daily Yield 7-Day Yield Yield Day Yield /
03/31 4.397391 4.396367 4.398320 4.407041 +J
03/30 4.393798 4.394746 4.398479 4.407199
03/29 4.393759 4.392646 4.399680 4.408400
03/28 4.393720 4.390547 4.400128 4.408848
03/27 4.399669 4.388447 4.400520 4.409240
03/26 4.394243 4.385589 4.400847 4.409567
03/25 4.390873 4.383940 4.401386 4.410106
Mason County Treasurer's Office
County Debt Payments
January 1-March 31,2025
*most debt payments have interest payments June 1st and principal payments December 1st annually
Account Date Num Memo/Description Amount Balance
BONDS&LOANS-MASON COUNTY Total Outstanding Balance January 1,2025 16,860,197.51
WATER METER BEARDS COVE'19 99,261.23
BONDS&LOANS-MASON COUNTY:WATER METER
Total for WATER METER BEARDS COVE'19 02/05/2025 WIRE BEARDS COVE'19 -811.04 98,450.19
N Bay/Case Inlet LTGO REF 2017 3,530,000.00
Total for N Bay/Case Inlet LTGO REF 2017 $0.00
Mason County LTGO 2013 B-Jail 790,000.00
Total for Mason County LTGO 2013 B-Jail $0.00
MASON COUNTY LTGO 2020E REF BD 1,045,230.00
Total for MASON COUNTY LTGO 2020B REF
BD $0.00
MAS0144-2-1 PUBLIC WKS BD FUND 2,760,000.00
Total for MAS0144-2-1 PUBLIC WKS BD
FUND $0.00
MASON COUNTY LTGO 2021 REF BD 1,959,150.00
Total for MASON COUNTY LTGO 2021 REF
BID $0.00
MASON COUNTY LTGO 2020A REF BD 4,091,055.00
Total for MASON COUNTY LTGO 2020A REF
BD $0.00
BELFAIR SEWER EXT-DEPT OF COMMERCE 2,434,433.28
Total for BELFAIR SEWER EXT-DEPT OF
COMMERCE $0.00
WATER METER BEARDS COVE'18A 151,068.00
Total for WATER METER BEARDS COVE'18A $0.00
Total for BONDS&LOANS-MASON COUNTY -$811.04 16,859,386.47
Accrual Basis Wednesday,April 09,2025 04:17 PM GMTZ
Mason County Finance Committee
Meeting Minutes
January 21, 2025
Committee Members in attendance:
Liza Frazier, Treasurer& Committee Chair
Randy Neatherlin, Commissioner District 1, Committee Member
Steve Duenkel, Auditor& Committee Secretary
Others in attendance:
Pat Tarzwell, Commissioner, District 2
Sharon Trask, Commissioner, District 3
Mark Neary, County Administrator
Jennifer Beierle,Support Services Budget& Finance Manager
Leo Kim, Chief Finance Officer
Meeting Summary
Treasurer Lisa Frazier opened the meeting at 9:45 a.m. and presented a review of the 2024 Q4 Mason
County Finance Committee Report. CE Cash Balance as of December 31,2024, is$26,703,842.22. This is
as$206,675.83 increase over the same period in 2023. Reserve contingencies required per Contingency
Policy (2021-034) are on track and $19,953,896.59 over the amount required. (Total Reserves are
$7,900,000.00.)
Cash and Investments total $270,384,728.45, with $250,329,924.45 in the Treasurer's Invested Funds
portfolio. Investment interest for 2024 as of December 31"'totals$2576,832.55. This interest gain
continues to exceed the $900,000.00 estimated in the 2024 budget due to continued high interest rates
resulting from the differential between the Local Government Investment Pool rate (4.6%) and Federal
Reserve rate (1.8%). Banking costs have increased to$6,451.00 (per contract) with Bank of New York
Mellon and remain $0.00 with Umpqua Bank due to approximately$8 million in deposits. Total county
debt as of December 311t is$16,860,197.51.
Treasurer Frazier led the discussion on Old Business items. For the Skokomish River Restoration,there is
no update. Easement conveyances are still in progress. Completion of the associated road work is now
expected to be complete in the Spring/early Summer of 2025. The loan for this project will be needed
in late 2025. The Treasurer's office is still evaluating options. Treasurer Frazier is formulating a plan that
she will bring forward as a recommendation to the Finance Committee.
While Treasurer Frazier had no "New Business" items for the agenda, Auditor Duenkel revisited a point
of discussion from a previous Board of County Commissioners meeting where the question was asked of
Budget Manager Jennifer Beierle about the projected increase in reserve fund requirements (by policy)
and Current Expense unreserved cash at year end for Fiscal Year 2025. If/as the exceeds expenditures
during the year, it will be important to protect against dipping into required reserves.
a-4-
The meeting adjourned at 10:05 a.m.
Steve Duenkel
Auditor
PUBLIC ISCLOSURE COMMISSION THIS SPACE FOR OFFICE USE
711 CAPITOL WAY RM 206 Treasurer's T-1
PO BOX 40908
(360)7 A WA 96504-0906 Annual Statement
(360) 53-1111 (6117)
Toll Free 1-877-601-2828
Name of Qualifying Jurisdiction: Telephone Number
County of Mason (360)427-9670 EXT 484
Treasurer's Name: Treasurer's E-Mail Address
Elisabeth (Lisa) Frazier, Mason County Treasurer emf masoncountywa.gov
Official Address:
Jurisdiction's E-Mail Address
PO BOX 429 Same as above
City County Zip+4 Fax Number
Shelton WA 98584-0429 (360) 427-7267
Filer Deadlines For:County Finance Committee Members and Treasurers for Washington State and each County, Public Utility District,Port District,
or Incorporated City or Town Whose Population Exceeds 1000—Annual Report must be filed between January 1 and April 15 of each calendar year.
NOTICE: Filers are personally responsible for timely filing a complete and accurate T-1.
SEND ANNUAL STATEMENT TO PUBLIC DISCLOSURE COMMISSION
STATEMENT 1: No Investment with Current Treasurer's Financial Institution
I certify under penalty of perjury under laws of the state of Washington that during the period of January 1,2024,through December 31, 2024, no public funds
under my control were invested in any institution in which I held an office,directorship,partnership interest, or ownership interest.
Signature of Treasurer Dated Signature of Finance Committee Member Dated
(Counties Only)
Signature of Finance Committee Member Dated Signature of Finance Committee Member Dated
(Counties Only) (Counties Only)
STATEMENT 2: Investment with Current Treasurer's Financial Institution
I certify that during of the period of January 1, through December 31, public funds for which I am responsible were held in the listed financial
institution(s)in which I held an office,directorship, partnership interest, or ownership interest:
Name&address of financial institution:
Aggregate sum of time and demand deposits on December 31, $
Highest balance between January 1, through December 31, $
Signature of Treasurer Dated Signature of Finance Committee Member Dated
(Counties Only)
Signature of Finance Committee Member Dated Signature of Finance Committee Member Dated
(Counties Only) (Counties Only)
STATEMENT 3: Treasurer for Reporting Period No Longer in Office
I certify under penalty of perjury under laws of the state of Washington that the treasurer who held office during the period of January 1, through
December 31, ,is no longer employed by our jurisdiction.
I assumed the role of treasurer after the end of the above listed reporting period,on January 1, and had no control over public funds during the
reporting period.
Signature of Treasurer Dated Signature of Finance Committee Member Dated
(Counties Only)
Signature of Finance Committee Member Dated Signature of Finance Committee Member Dated
(Counties Only) (Counties Only)
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