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

$-

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

2019 2018 2017 2016 2015 2014 2013

YTD Island County Excise Revenue through January

YTD IC Excise Revenue