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Home My WebLink About2026-02-02 Finance CommitteeMason County Finance Committee Report 2025 4th Quarter (October - December) Submitted February 2, 2026 1 Mason County Finance Committee Brittany Pearson, Mason County Treasurer Steve Duenkel, Mason County Auditor Pat Tarzwell, 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. $35,000,000.00 $30,000,000.00 $25,000,000.00 $20,000,000.00 $15,000,000.00 $10,000,000.00 $5,000,000.00 $(5,000,000.00) • Current Year Cash Balance • Prior Year Cash Balance • Difference 36.48.010 36.48.040 36.48.050 36.48.060 Depositaries to be designated by treasurer. Depositaries to be designated by treasurer -- Deposited funds deemed in county treasury. Depositaries to be designated by treasurer -- Treasurer's liability and bond additional. Definition — "Financial institution:' Current Expense Ending Cash Balance t ILi.LLL.IiLir March 2025- March 2024- lune 2024- lune 2024 - lune 2023- September September September December December 2024 December 2023 December 2022 December 2021 December 2020 2024 2023 2025 2023 2022 2024-2025 2024-2023 2023-2022 2024-2025 -2023 -2022 -2021 -2020 -2019 $24.317,261.79 $25,804,027.12 $26,142,265.88 $28,868,629.60 $29,301,414.76 $24,005,382.09 $27,124,322.91 $28,296,767.15 $24,202,333.78 $26,703,842.22 $27,361,801.93 $26,497,166.39 $21,535,957.13 $16,105,604.52 $25,804,027.12 $25,415,093.32 $28,868,629.60 $29,301,414.76 $26,471.237.84 $27,124,322.91 $28,296,767.15 $25,256,375.27 $26,703,842.22 $27,361,801.93 $26,497,166.39 $21,535,957.13 $16,105,604.52 $12,076,320.12 $(1,486,765.33 $388,933.80 $(2,726,363.72 $(432,785.16) $2,830,176.92 $(3,118,940.82 $(1,172,444.24 $3,040,391.88 $(2,501,508.44 $(657,959.71) $864,635.54 $4,961,209.26 $5.430.352.61 $4,029,284.40 Year General Operating 202 General Operating 202 General Operating 202 GENERAL FUND RESERVE AND CONTINGENCY POLICY 2021-034 2024 Expenditures $ 48,917,407.00 $ 48,917,407.00 $ 48,917,407.00 Reserves 2025 Contingency Reserve Technology Replacement Reserve Equipment & Vehicle Replacement Reserve Accrued Leave Reserve Capital Reserve Total Reserves Percentage Policy Balance 12/31/2025 15% $ 7,337,611.05 $ 24,202,333.78 20% $ 9,783,481.40 $ 24,202,333.78 25% $ 12,229,351.75 $ 24,202,333.78 $ 1,000,000.00 $ 400,000.00 $ 1,000,000.00 $ 500,000.00 $ 5,000,000.00 $ 7,900,000.00 Difference $ 16,864,722.73 $ 14,418,852.38 $ 11,972,982.03 Less Reserves Reserve Deficit $8,964,722.73 $6,518,852.38 $ (3,264,629.02) ` $4,072,982.03 $ (8,156,369.72) ` `Reserve Deficit Explanation This report is a picture in time only.... The Reserve Deficit is the the result of subtracting the Less Reserves Column against the Policy Balances. It is a budgetary issue and not necessarily a cash flow issue unless those reserves budget for expeniture. Commissioners should consider changes to the General Fund Reserve and Contingency Policy to preserve a .00 Reserve Deficit. 2 TREASURER'S REGULAR CHECKING ACCOUNT COLUMBIA BANK IMPREST ACCOUNTS BANK DEPOSIT IN TRANSIT EREETA IN TRANSIT TREASURER'S INVESTED FUNDS TOTAL (see breakdown below) INVESTMENT PORTFOLIO FEDERAL HOME LOAN BANK (FHLB) FEDERAL FARM CREDIT (FFCB) FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) FEDERAL HOME LOAN MORTGAGE COMPANY (FHLMC) MUNICIPLE BONDS US TREASURIES (TREAS DAILY CASH) WA STATE LGIP (CO DEPARTMENTS/TAXING DISTRICTS) WA STATE LGIP SAVINGS CERTIFICATE OF DEPOSIT REGISTERED WARRANTS BENCHMARK: 90 Day T-Bill Rate Savings State Pool Rate Market Rate Yield Agency/Treasury HISTORIC LGIP POOL RATES HISTORICAL FEDERAL RESERVE RATES CASH & INVESTMENTS $ 19,850,559.85 $ 67,425.00 $ 301,131.29 $ 55,528.34 $ 275,441,853.41 COST 275,441,853.41 2,966,153.40 3,471,700.79 475,033 19 651, 995.86 1,937,201.25 3,927,365.95 37,444,217.08 224,588,185.89 December 31, 2025 December 31, 2025 December 31, 2025 2020-2021 2022-2023 2024-2025 2021 2022 2023 2024 2025 12/31/2025 MARKET VALUE 275,774,461.12 3,027,954.50 3,491,955.95 510, 671.00 672,372.60 2, 041, 539.30 3,997,564.80 37,444,217.08 224, 588,185.89 12/31/2025 GAIN/LOSS PORTFOLIO % $ 312,607.71 100.00% $ 61,801.10 1.08% $ 20,255.16 1.26% $ 35,637.81 0.17% $ 20,376.74 0.24% $ 104,338.05 0.70% $ 70,198.85 1.43% $ 13.59% $ 81.53% $ 0.00% $ 0.00% $ 0.00% 3.67% 3.87% 2.13% 1.72%-.08% .09% - 5.20% 5.20% - 3.87% .00%-.25% .07% - 4.33% 4.33% - 5.25% 5.25%-4.5% 4.5% - 3.87% Rating S&P AA+ S&P AA+ S&P AA+ S&P AA+ S&P A -/AA+ Moody's Aaa Not Rated Not Rated PDPC Approved PDPC Approved Debt Policy Approved 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 December 31, 2025 $ 950,000.00 $ 2,334,773.35 $ 1,384,773.35 TREASURERS 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 12/1/2024 through 12/31/2025 $ - $ 6,219.00 2025 Mason County Treasurer keeps a compensating balance of approximately $8 million with Umpqua Bank to offset banking fees 3 Mason County Treasurer's Office County Debt payments January 1, 2025 - December 31, 2025 *Most debt payments have interest payments June 1st and principal payments December 1st annually Transaction date Num BONDS & LOANS - MASON COUNTY Memo/Description Amount Balance $ 16,860,197.51 $ 2,434,433.28 BELFAIR SEWER EXT-DEPT OF COMMERCE 05/30/2025 WIRE M-111517 BELFAIR SEWER EXT DEPT OF COMMERCE -162,295.55 $ 2,272,137.73 Total for BELFAIR SEWER EXT-DEPT OF COMMERCE $ 2,760,000.00 MAS0144-2-1 PUBLIC WKS BD FUND 05/30/2025 wire $69,000.00 M-111522 -875,000.00 $ 1,885,000.00 Total for MAS0144-2-1 PUBLIC WKS BD FUND 11/26/2025 WIRE $47,125.00 M- 116106 INTEREST Mason County LTGO 2013 B - Jail Total for Mason County LTGO 2013 B - Jail MASON COUNTY LTGO 2020A REF BD 05/30/2025 WIRE $22,605.85 M-111522 11/26/2025 WIRE $22,605.85 M- 116106 INTEREST 05/30/2025 CHECK $39887.79 M-111541 $ 790,000.00 -80,000.00 $ 710,000.00 $ 4,091,055.00 Total for MASON COUNTY LTGO 2020A REF BD 11/26/2025 CHECK $39,887.79 M-116113 INTEREST -730,990.00 $ 3,360,065.00 MASON COUNTY LTGO 2020B REF BD 05/30/2025 WIRE $13,316.89 M-111521 INTEREST $ 1,045,230.00 Total for MASON COUNTY LTGO 2020E REF BD 11/26/2025 WIRE $13,326.68 M-116102 INTEREST -35,340.00 $ 1,009,890.00 MASON COUNTY LTGO 2021 REF BD 05/30/2025 WIRE $15,673.20 M-111520 INTEREST $ 1,959,150.00 Total for MASON COUNTY LTGO 2021 REF BD 11/26/2025 WIRE $15,673.20 M-116100 INTEREST -314,780.00 $ 1,644,370.00 N Bay/Case Inlet LTGO REF 2017 Total for N Bay/Case Inlet LTGO REF 2017 05/30/2025 WIRE $64087.50 M-111522 11/26/2025 WIRE $64,087.50 M-116106 INTEREST $ 3,530,000.00 -145,000.00 $ 3,385,000.00 $ 151,068.00 WATER METER BEARDS COVE '18A 06/13/2025 WIRE $2,077.00 M-111921-1,358.00 $ 149,710.00 Total for WATER METER BEARDS COVE'18A 12/15/2025 WIRE $2,058.00 M-116538 -1,377.00 $ 148,333.00 $ 99,261.23 WATER METER BEARDS COVE '19 02/05/2025 WIRE M-108454$1,550.96 -811.04 $ 98,450.19 Total for WATER METER BEARDS COVE '19 08/05/2025 WIRE M-11327551,538.28 -823.72 $ 97,626.47 $ (2,347,775.31) $ 14,512,422.20 Thursday, January 08, 2026 06:39 PM GMTZ 4 Finance Committee Business OLD BUSINESS: Shetland Road RID (Road Improvement District) - Loretta Swanson 12/31/2025 - Update - Lorretta Swanson updated that the RID road project was completed for a total of $178,206.40. The Treasurer's Office met with our finance team and bond counsel to discuss closing costs and received an estimate of $18,000 for thier bond fees and closing costs, bringing the estimated total to $196,206.40. The Treasurer's Office is unable to take thier next steps until Public works places the final assessment roll on the briefing agenda for approval. NEW BUSINESS: N/A Respectfully Submitted: 3 ritta.wy Pearso-n. Mason County Treasurer