Treasurer Burke Reports Record $6.3 Million Interest Income

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.