Warren County commissioners on Oct. unknown approved a revised county investment policy after a quarterly presentation by the county's external adviser, METRE Public Funds.

The policy vote came after METRE principal Jim McCourt reviewed the county’s core investment portfolio and cash-flow strategy. “We are a registered investment advisor, meaning that we are a fiduciary on behalf of the County,” McCourt told the commissioners, adding that the firm works with more than 260 public entities in Ohio.

The nut of the discussion was the county’s portfolio composition and income expectations. METRE reported about $336,000,000 in securities and roughly $22,000,000 held in STAR Ohio — the state’s local government investment pool — through Sept. 30. The weighted average maturity for the securities was reported at about 2.65 years and the weighted yield to maturity at about 3.6 percent.

McCourt outlined a reinvestment strategy tied to the Treasury/Federal Reserve interest-rate outlook: as shorter-term holdings mature, the county will generally reinvest into longer-term high-quality fixed-income securities (subject to Ohio law limits) to lock in current yields while maintaining a ladder of maturities to meet cash needs. He said about $61,000,000 of the portfolio is maturing soon at roughly 1.9 percent and noted that reinvesting those proceeds at current market rates would raise the portfolio’s overall yield.

Treasurer Randy Kuvan, who introduced the items from the treasurer’s office, said the county recently approved new check-scanning hardware and software and expects the technology to speed processing. “Hopefully, that'll enable us, should accelerate dollars into the treasury,” Kuvan said.

METRE’s monthly and quarterly reporting was described in detail: custodial reconciliation with U.S. Bank, position statements listing each security, monthly transaction recaps and a 12-month projected income schedule that the adviser provides for budgeting. METRE noted unrealized capital gains of “over $3,250,000” in the portfolio and stressed that the county retains backup liquidity via STAR Ohio and the market value of longer securities.

After discussion, commissioners voted to adopt the updated investment policy, which the treasurer must file with the county auditor. The roll call recorded all present commissioners voting yes: Grossman; Jones; Young; Smith; Kubik. The motion to approve the policy was made and seconded on the record; the transcript did not identify the mover and seconder by full name.

Votes at a glance

- Approve revised investment policy as presented — Outcome: approved; Vote: Grossman (yes), Jones (yes), Young (yes), Smith (yes), Kubik (yes); mover/second: not specified in transcript; note: policy requires filing with auditor.
- Resolution to enter into agreement with Fannie Payment Pros for check-scanning hardware and software for the treasurer’s office — Motion moved on the record during the treasurer’s remarks; vote not recorded in transcript.

Why this matters: County investment decisions determine how much interest the county earns on pooled cash and affect future operating revenue available for county services and for distribution to political subdivisions. The revised policy formalizes procedures for safekeeping, purchase and sale of securities, and sets procedural details recommended by the Government Finance Officers Association while remaining constrained by Ohio law.

Background: METRE (METRE Public Funds) has served as the county’s adviser since 2018 and acts as discretionary manager under strategy direction from the treasurer and the advisory committee. The county’s investments are governed by Ohio law limiting maximum investment maturities to five years; the updated policy explicitly references Ohio Revised Code 135.35 as the legal framework for eligible investments.

What comes next: The treasurer will complete signature steps and file the updated policy with the county auditor as required.