County insurance trust posts modest returns; board accepts quarterly reports

Mike, a county staff member, presented the insurance trust’s quarterly report and described portfolio performance and claims activity. He said the trust has returned 4.77% for the one‑year period through May 31, and that the fund’s yield to maturity was about 3.91% with a duration of 1.81. “Our policy is to, keep the money to pay your bills, keep a little bit more money in cash than we have been,” Mike said.

Mike told the board the claims account had drawn about $300,000 year to date, the portfolio held roughly $1 million in cash, and the overall account performance was tracking better than the prior period after several difficult years. He recommended that the county update its actuarial/study as of Nov. 30, 2025, to reflect the most current information before making short‑ and long‑term recapitalization decisions.

The board moved to accept the report. A motion to approve and accept Mike’s report was made by board member Small and seconded by board member Savage; the board voted in favor and the motion carried.

Separately, the county’s off‑quarter financial report was presented by Nugent, who said total funds on May 31 were $7,189,941, a decline from April (amount described in the transcript as "down a $144.08 53 from April"). Nugent listed routine requisitions and noted one payment (ICRMT) and said losses are handled in executive session.

The board later moved to accept the reports generally; a motion by Savage, seconded by Traeger, carried with all those present voting in favor.

The presentations included discussion of market conditions, the Federal Reserve’s hold on rates, and a near‑term plan to leave a slightly higher cash balance because short‑term yields have been relatively attractive. Mike cautioned that future policy changes would be data dependent and recommended the board review the updated study at fiscal year end.