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Home My WebLink About2026/04/28 - Finance Committee Packet 1854 Mason County Finance Committee Report 2026 1st Quarter (January - March) Submitted April 28, 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. 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." $35,000,000.00 Current Expense Ending Cash Balance $30,000,000.00 I 1.. 1.. 1. 1 I. I. I I $25,000,000.00 $20,000,000.00 $15,000,000.00 $10,000,000.00 $5,000,000.00 $15,000,000.00) $(10,000,000.00) -Meechh2025---- 5eprernher 2md- sentep+her2024- Decemher2024- December 2024--December2023- December 2022' 2026 2024 2023 une une - 3" 2025 2023 2025 2023 2022 2021 a Current Year Cash Balance $19,048,932.51 $24,317,261.79 $25,804,027.12 $26,142,265.88 $28,868,629.60 $24,005,382.09 $27,124,322.91 $24,202,333.78 $26,703,842.22 $27,361,801.93 $26,497,166.39 ■Prior Year Cash Balance $24,317,261.79 $25,804,027.12 $25,415,093.32 $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 j Difference $15,268,329.28) $11,486,765.33) $388,933.80 $12,726,363.72) $(432,785.16) $(3,118,940.82) $(1,172,444.24) $(2,501,508.44) $1657,959.71) $864,635.54 $4,961,209.26 GENERAL FUND RESERVE AND CONTINGENCY POLICY 2025-067 2025 Expenditures- $50,835,966.74 Current Expense Reserve Deficit Fund Cash on Hand Current Expense Policy Against Policy 3/31/2026 Operating Year Percentages Policy Balance Less Reserves Net Cash Balance Balance $ 19,048,932.51 2026 15% $ 7,625,395.01 $ 7,500,000.00 $ 3,923,537.50 $ (3,701,857.51) $ 19,048,932.51 2026 20% $ 10,167,193.35 $ 7,500,000.00 $ 1,381,739.16 $ (8,785,454.19) $ 19,048,932.51 2026 25% $ 12,708,991.69 $ 7,500,000.00 $ (1,160,059.18) $ (13,869,050.86) Reserves 2026 Contingency Reserve $ 1,000,000.00 Equipment&Vehicle Replacement Reserve $ 1,000,000.00 Accrued Leave Reserve $ 500,000.00 Capital Reserve $ 5,000,000.00 Total Reserves $ 7,500,000.00 `Reserve Deficit Explanation This report is a picture in time only and a worst case senario....The Reserve Deficit is the the result of subtracting the Net Cash Balance against the Policy Balance. It is a budgetary issue and not necessarily a cash flow issue unless those reserves are budgeted for full expeniture and revenues deteriorate. Commissioners should consider changes to the General Fund Reserve and Contingency Policy to preserve a.00 Reserve Deficit and or Budget and Finance should review the budgeted 2 CASH&INVESTMENTS TREASURER'S REGULAR CHECKING ACCOUNT COLUMBIA BANK $ 20,261,068.59 IMPREST ACCOUNTS $ 67,425.00 BANK DEPOSIT IN TRANSIT $ 501,677.57 EREETA IN TRANSIT $ 86,278.33 TR€ASUR€R'S INVESTED FUNDS TOTAL(see breakdown below) $ 266,955,482.06 TOTAL ON CASH SHEET AS OF March 31,2026 $ 287,871,901.55 3/31/2026 3/3112026 COST MARKET VALUE GAIN/LOSS PORTFOLIO% INVESTMENT PORTFOLIO $ 266,955,452.06 $ 267,247,522.92 $ 292,070.86 100.00% Rating FEDERAL HOME LOAN BANK(FHLB) $ 2,716,873.15 $ 2,785,749.50 $ 68,876.35 1.02% S&P AA+ FEDERAL FARM CREDIT(FFCB) $ 3,221,837.04 $ 3,233,289.00 $ 11,451.96 1.21% S&P AA+ FEDERAL NATIONAL MORTGAGE ASSOCIATION(FNMA) $ 475,033.19 $ 512,361.60 $ 37,328.41 0.18% S&P AA+ FEDERAL HOME LOAN MORTGAGE COMPANY(FHLMC) $ 651,995.86 $ 673,076.60 $ 21,080.74 0.24% S&P AA+ MUNICIPLE BONDS $ 2,422,196.25 $ 2,519,773.50 $ 97,577.25 0.91% S&P A-/AA+ US TREASURIES $ 3,927,365.95 $ 3,983,122.10 $ 55,756.15 1.47% Moody's Aaa (TREAS DAILY CASH)WA STATE LGIP $ 31,409,773.13 $ 31,409,773.13 $ - 11.77% Not Rated 0 SAVINGS $ - $ - $ - 0.00% PDPC Approved CERTIFICATE OF DEPOSIT $ - $ - 0.00% PDPC Approved REGISTERED WARRANTS $ - $ - $ - 0.00% Debt Policy Approved BENCHMARK: 90 Day T-Bill Rate March 31,2026 3.70% Savings State Pool Rate March 31,2026 3.71% Market Rate Yield Agency/Treasury March 31,2026 2.18% HISTORIC LGIP POOL RATES 2022-2023 .09%-5.20% 2024-2025 5.20%-3.87% 2026 3.87%-3.71% HISTORICAL FEDERAL RESERVE RATES 2022 .07%-4.33% 2023 4.33%-5.25% 2024 5.25%-4.5% 2025 4.5%-3.87% 2026 3.87%-3.70% INVESTMENT INTEREST COLLECTIONS YEAR BUDGETED COLLECTED DIFFERENCE 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 $ 950,000.00 $2,334,773.35 $ 1,384,773.35 2026 as of March 31,2026 $ 1,250,000.00 $ 435,372.80 $ (814,627.20) TREASURER'S BANKING COSTS* YEAR UMPQUA BANK BONY MELLON YEAR PD 12/1/2020 through 11/30/2021 $ - $ 2,110.00 2021 1211/2021 throu h 11/30/2022 $ $ 3,168.00 2022 1211/2022 throu h 11130/2023 $ - $ 2,833.00 2023 12/1/2023 throu h 11/30/2024 $ $ 6,451.00 2024 1211/2024 through 12131/2025 $ $ 6,219.00 2025 12/1/2025 through 3/31/2026 $ $ 2,059.00 2026 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-March 31,2026 *Most debt payments have interest payments June 1st and principal payments December 1st annually Account Date Num Memo/Description Balance BONDS&LOANS-MASON COUNTY Total Outstanding as of January 1,2026 $ 14,512,422.20 WATER METER BEARDS COVE'19 $ 97,626.47 2/5/2026 WIRE $ (836.59) $ 96,789.88 WATER METER BEARDS COVE'18A $ - $ 148,333.00 N Bay/Case Inlet LTGO REF 2017 $ - $ 3,385,000.00 MASON COUNTY LTGO 2021 REF BD $ - $ 1,644,370.00 MASON COUNTY LTGO 2020B REF BD $ - $ 1,009,890.00 MASON COUNTY LTGO 2020A REF BD $ - $ 3,360,065.00 Mason County LTGO 2013 B-Jail $ - $ 710,000.00 MAS0144-2-1 PUBLIC WKS BD FUND $ - $ 1,885,000.00 BELFAIR SEWER EXT-DEPT OF COMMERCE $ - $ 2,272,137.73 Total for BONDS&LOANS-MASON COUNTY $ (836.59) $ 14,511,585.61 Thursday,April 09,2026 04:49 PM GMTZ 4 Finance Committee Business OLD BUSINESS: 3/31/2026-Update- Lorretta Swanson updated that the RID road project is completed.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$227,845.00,this includes publication fees and certified mailing fees.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: Approve Meeting Minutes-February 2,2026 Public Disclosure Commission-Treasurer's Annual T-1 For Mason County Finance Committee Respectfully Submitted: 3 r tta.wy Pear&ow Mason County Treasurer 5