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06/29/2009: "Our Award Winning County Treasurer"

Founded in 1983, the Washington Municipal Treasurers Association (WMATA) has provided the local governments of Washington with opportunities for education, networking, and working to improve and promote the treasury management profession. And, from time-to-time they present awards.

San Juan County Treasurer Jan Sears (submitted photo left)) was recently so honored.

Sears has received a Certification of Investment Policy Award from the Association. The investment policy submitted by a treasure must meet the high standards established by the Association. Not every county meets those standards.

The goal of the investment policy is to establish guidelines that allow the entity to invest public funds in a manner which will provide maximum security with the highest investment return while meeting the daily cash flow demands of the entity and conforming to all state and local statutes governing the investment of public funds.

As of June 25th the County had slightly over half of its County Current investments in Treasury Bills, 38 percent in the state’s investment pool and 12 percent in Bank Certificates of Deposit. “Our principal is absolutely safe,” Sears said. “Unfortunately interest rates have fallen so much that our interest income has really taken a hit this year.”

The state investment pool was paying 5.7% interest on County money, but now it is less than 6-tenths of one percent. Sears said, “right now it makes no sense to commit to any new long-term deposits at these interest rates.” Auditor Milene Henley has reported to the county council that if interest rates stay as they are, it could reduce the County’s operating fund by $330,000.

If and when the economy turns around, Sears stated she is confident that the Treasurer’s Office will be ready to take advantage of the higher returns on investment.

WMTA established its Investment Policy Certification Program in 1998, a program that has since been adopted by the Association of Public treasurers' of the United States and Canada.

The importance of this program is that a investment policy protects the investment officers and the entity and gives the brokers/dealers a clear direction of the entity's investment goals. This certification is a commitment to a quality investment program and the safety of the entity's funds.