The Investment Advisory Committee (IAC) met on May 22, 2026, to debate amendments to the committee's resolution, review the county's investment portfolio, and discuss liquidity challenges. Treasurer Webb reported a significant drop in cash reserves and presented the portfolio performance alongside investment advisor Jim McCourt of Meeder Public Funds.
Commissioner Lopez. I do think it is important that an analysis is presented based on the minimum, the 10 steps. So when you're asking your representative to trade by that we understand as the public why you are doing those decisions, but the law guides the decision the flow and the discussion in terms of the decisions that I make, but ultimately the and your spending, right? Like, so if there's liquidity that I need, and I can't reinvest because I have to meet payroll, or because I have to send money to the Bureau of Workers' Comp, or because we have bond payments due, those are the things that I'm taking into account under the provision of liquidity. I guess if it's constantly happening, that is constantly happening every single day. Every single day. I am looking at what we have in Star Ohio, what we have in every bank account, what's maturing, what the liquidity needs are, and making an assessment based on the information that I have at the time, whether or not we should reinvest, whether or not we should buy one year commercial paper, um, you know, uh a three-year bond, etc. Under the terms that the code outlines, it governs every decision that I make. So I am fine with adding this language, but what I am not fine is then having to send an email, or uh, you know, create some sort of document that doesn't already exist in our process, given the fact that the code covers my response. Okay, well, and I just want to make it clear with Commissioner Lopez that I am doing precisely this. I for myself, I think I'd like to just, since I'm a member of this an advisory committee, I think I would like to see just one day when you're making those decisions and be on the phone with Jim McCourt to say why are we moving these funds today? Why does it have to happen? Commissioner Lopez, you are welcome to come down to my office and meet with the chief investment officer and myself. I would be glad to walk you through the analysis that we have, the spreadsheets that we keep, the information that we keep. Um, you know, the form six is um is uh submitted as you well know to the auditor's office on a daily basis that gives a total picture of the cash uh position of the county on a daily basis. On a monthly basis, I am providing this committee with reports of every uh investment that we have, um, everywhere they're located, why we're doing what we're doing, and until we started having these meetings where 100 people are in attendance, we were able to talk about kind of the liquidity needs and some of the other considerations that I as a partner to the county commissioners uh would like to communicate, but we really haven't been able to get past and have those legitimate conversations because we've been stuck on this. I am fine with every investment. I am fine with that, but what I am not okay with is creating something in my policies and processes that doesn't already exist, such as um, you know, a form or a uh my amendment doesn't speak to any of that, it's that you keep our advice in mind, not just on reinvestments, but on all investments, why limit it just to the reinvestments. Fine, fine. Okay. Oh, go ahead, I'm sorry. This is your duties, right? Yes. Yes. Why would I want to underfer with your duties of treasure? I wouldn't want anybody coming up here with my duties. Why are we doing this? She's a treasurer, she's been responsible. It is her job to invest the money. It's the voters that elect her. If she's not investing the money correctly, and we're falling behind something, that's up to the voters to decide. Not us. I mean, we are here as an advisory committee to her, but I am not gonna sit here and take the treasurer's duties away from her. I'm not gonna limit her what she can and to uh investments. I won't let her make the decisions for the best county. Thank you. Maybe I'll be able to clarify. I'm not asking to her to do that either, uh clerk. I am referencing to the role of this advisory committee. And it says we should advise her. This is what I'm trying to do. It it broadens the advice from just reinvestment or investment seriously, just to say to be consistent. Then all investments, not just reinvestment, in no way, shape, or form, and I don't want to miscommunicate this. Am I telling her to create extra processes to do that? We are we are by statute an advisory committee, so and I think when I put the word advise in there on all matters, not just reinvestment. It's fair and it's probably pretty sound public policy. This is not in any way asking her to call us every day and say I'm gonna move money from here and there. I understand. It's an advisory committee. I understand, but I've been on this committee for like 24, 25 years, and we have never run under the situation.