At the recent quarterly Investment Advisory Board, Medina County Treasurer John Burke reported that through September 2024 interest income from the County’s investment portfolio will hit $6.3 million. “That is better than last year end when we earned $5.2 million. It is the highest earnings on record in the past 30 years I’ve been Treasurer,” said Burke.
According to Treasurer Burke this extra income from investments helps pay for county services and expenses. Commissioner Harrison who is a member along with Burke on the Investment Advisory Board said, “I am very pleased with the current performance of the County’s investment portfolio. In a time where the cost of everything from wages to health care to road construction and bridge maintenance is increasing, these earnings help us deliver on our core commitment of fiscal conservatism and keeps us in a position to provide necessary services to our growing county while keeping the quality of life high and our taxes low.” Burke credits the record high earnings to the use of sound investment strategies. Since taking office Burke has made over $79 million from interest earnings for the County. “The annual County budget is about $48 million, so the total investment interest earned over my tenure has provided enough extra money to run the County free for almost two years.” Burke stated. The Medina County Treasurer oversees the collection, deposit and investment of an annual cash flow of $720 million. Burke explained that $420 million of that figure is from collection of real estate property taxes. The Treasurer is responsible for the safe investment of this money. When asked how the money is invested, Burke explained that the Ohio Revised Code allows for investment in interest-bearing vehicles with a maturity limited to five years, but restricts investing in equities or stocks, because of the risk. “The size of our portfolio averages about $180 million on any given day which is invested in 80 to 110 different investments”, said Burke. Currently the portfolio is well balanced with 57% in US Agencies, 26% US Treasuries, 7% in Commercial Paper, 5% in Certificates of Deposit, and 5% in municipal bonds. Burke considers himself to be a conservative investor with the public’s money. His investment strategy has three basic goals: 1. Safety of principle. 2. Maintain liquidity. 3. Earn the highest yield possible. “We have always met these 3 goals and in these volatile economic times, I am proud to say that we have never lost any money from investments,” reported Burke The Ohio Revised Code requires Treasurers to complete 12 hours of continuing education each year as approved by the State of Ohio Auditor and Treasurer. Burke meets this requirement by attending training conferences and has received advanced educational certifications from CTAO, IAGO, and NACTFO. Treasurer Burke was selected as Ohio’s Public Fund Manager of the Year Award by the State of Ohio Treasurer out of 3,500 public fund managers. This information is not intended as investment advice. Please consult your financial advisor. Application Period Extended for Treasurer Burke’s 2024 Fix-It Funds Home Improvement Loans10/3/2024
Medina County Treasurer John Burke and Westfield Bank have extended the application period for Fix-It Funds low-interest home improvement loans to the end of October. “We decided to extend the date to take advantage of the recent drop by the Federal Reserve in their federal fund interest rate,” Burke explained.
Westfield Bank has partnered with the Treasurer’s office since 2015 to offer Medina County homeowners these fixed rate loans at up to 2% below the bank’s current rate. Fix-It Funds loans can range from $5,000 to $50,000 and are given on a first-come, first-served basis until available funds are depleted. There is no income limit to qualify for these loans. You must be a Medina County resident; your home (1-4 family unit dwelling) must have a tax appraised value of $300,000 or less excluding land, according to the Medina County Auditor’s appraised value; and you cannot be delinquent on your real estate taxes. Homeowners have up to 18 months to complete the work for which the loan was granted. “Over 90% of the homes in Medina County may qualify,” Burke noted. “We currently have over $1 million in active Fix-It Funds loans with an average value of $17,166. Almost all types of interior and exterior home improvements are eligible, both interior and exterior. There are only a few ineligible improvements — “luxury items” such as swimming pools, satellite dishes, or hot tubs. Manufactured homes are not eligible for a Fix-It Funds loan. Since its authorization by the County Commissioners in 2002, the Fix-It Funds program has provided over $15.7 million in low-interest home improvement loans to over 1,000 Medina County residents. Interested homeowners can apply at two Westfield Bank locations: 4015 Medina Road on Route 18 in Medina, and Two Park Circle in Westfield Center, or contact the following Westfield Bank representatives: • Cheryl Murrin (NMLS#1365194), [email protected], 330.764.6091 • Michelle Evans (NMLS#1460020), [email protected], 330.661.6083 • Cindy Siepker (NMLS#2466577), [email protected], 330.661.6257 For more information, please call the Medina County Treasurer’s office at 330.725.9746, email [email protected], or search Fix-It Funds at www.medinacountytreasurer.com. Westfield Bank is member FDIC and equal opportunity lender. |
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