Treasurer’s Monthly Report

Financial Data as of December 31, 2017

Presented January 17, 2018

Investment Balances:

State Pool (LGIP) - Current Rate 1.27% $ 16,609,205

Residual (face value – principal) not including LGIP $ 78,634,833

Junior Taxing Districts & IC Water Qualify Fund $ 25,448,067

Total Investments Managed by the Treasurer $ 120,692,105

Cash Held for Daily Needs:

Key Bank $ 6,929,422

Whidbey Island Bank $ 2,759,246

Total Cash Balances $ 9,688,668

The County’s December 2017 investment portfolio is balanced towards the short end

with 38% of the Residual invested with maturity dates of < 1 year (17% of the Residual is

in the LGIP), 23% is invested with 1-2 year maturities, 17% in 2-3 year term, 19% in 3-4

year, and 3% in 4-5 year term.

Island County’s Junior Taxing Districts and IC Water Quality Fund:

o 91% invested in the LGIP

o 9% Island Transit, FD#5 and IC Water Quality Fund invested in Federal Agency

Bonds

As of December 31, the 2017 levies for Current Expense and Roads were 98% collected.

Foreclosure Update – 2017 Foreclosure proceedings began with 292 properties subject

to foreclosure for 2014 and prior. The foreclosure auction was held online on December

5 with 26 properties. Of those, 11 were sold and 15 will be held in trust as tax title

properties. Of the 15, 14 are located in Useless Bay, and are “summer pasture.”

Distraint (personal property and mobile accounts) Update – pending Writ

Orphan tidelands held in tax title – pending Resolution

Supplement Update – 215 supplements were processed in December, leaving a backlog

of 21. These were processed promptly so changes will be reflected on 2018 statements.

The number of REET affidavits processed in December was 352, compared to 356 in

November 2017 and 451 in December 2016. The County’s portion of excise revenue was

$249,738 in December, on sales of $73.2 MM. This REET activity resulted in Island

County excise revenue of $469,967 more than in 2016, and $1,067,199 more than in 2015.

See chart for annual comparisons, 2013 - 2017.

<= 1 Year, $36,147,038 , 38%

1 - 2 Years, $21,340,000 , 23%

2 - 3 Years, $16,500,000 , 17%

3 - 4 Years, $18,452,000 , 19%

4 - 5 Years, $2,805,000 , 3%

Distribution of Investment Maturity Dates, Island County Residual, December 31, 2017

<= 1 Year

1 - 2 Years

2 - 3 Years

3 - 4 Years

4 - 5 Years

LGIP (Overnight)$16,609,205

17% of Residual

$0

-$150,911

$40,521

$90,393$126,319

$97,666

$135,687

$40,694 $45,108$77,026

$146,603$170,722

$123,006

$0

-$150,911

-$110,390

-$19,997

$106,322

$203,988

$339,675$380,369

$425,476

$502,502

$649,105

$819,827

$942,833

-$400,000

-$200,000

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

Monthly Interest Cumulative Interest YTD

Island County Year-to-Date Investment Interest Received, January - December 2017

Budget = $575,000

283 270

343

382

344

509

445442

407

385

298

389

289309

390

349

452

525

399

476

446

353

368

451

357

316

436397

444

504

394

478

416428

356 352

0

100

200

300

400

500

600

January February March April May June July August September October November December

Island County 2015-17 REET - Number of Affidavits Processed by Month

2015 2016 2017

Total REET Affidavitsprocessed

2017 4,8782016 4,8072015 4,497

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

2017 REET

2016 REET

2015 REET

2014 REET

2013 REET

REET - Island County Portion of REET Excise Collections: 2013 - 2017

Island County Excise Revenue2017 $3,864,9762016 $3,395,0092015 $2,797,7782014 $2,235,1812013 $1,937,688

$-

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

$4,000,000

2017 2016 2015 2014 2013

YTD Island County Excise Revenue January - December

YTD IC Excise Revenue