Madison County projects $5.2M in investment income
Slusser
Madison County is projecting a record $5.2 million in investment income this year, according to Madison County Treasurer Chris Slusser.
Slusser told the Finance and Government Operations Committee that, from 2012 to 2016 the county earned an average of $826,000 annually. From 2017 to 2022 it averaged $3.96 million.
Slusser said the treasurer’s office has focused on increasing income by diversifying its portfolio and actively managing the funds. He noted that, in 2016, there were 85 investments in the county’s portfolio and 71 were CDs.
“Now we have 573 holdings, including a mix of municipal bonds, corporate bonds, mortgage backed securities, federal agency bonds, CDs and treasury bonds,” Slusser said. “The Illinois Public Funds Investment Act doesn’t allow us to purchase stocks or mutual funds.”
He added the county currently has shifted most of its funds away from banks. “Most local banks are cash heavy with PPP and ARPA funds; they are not seeking big deposits” he said.
For the past four years Madison County held the top performing investment portfolio in the state, Slusser said.
