Delaware County had a banner year with its investments in 2023, according to Delaware County Treasurer Don Rankey Jr. In a press release, Rankey announced the county earned more than $14 million in interest income over the past year, the most in its history.
“Not only did we generate more than $14 million overall, but we were able to earn in excess of $12.1 million that went into the Delaware County General Fund for the benefit of all our taxpayers,” Rankey said in the release. “And, importantly, the investments in the Delaware County investment portfolio meet the Ohio Revised Code and County Investment Policy criteria. We had no loss of any principal value, and don’t project any future investment interest losses. Essentially, the interest we earned is bulletproof.”
Rankey credited “shrewd investing and attention to detail” for enabling his office to enjoy success in 2023.
“The effective federal funds rate (EFFR) is currently a third of what Delaware County saw in the early 1980s,” he said. “If we had not started repositioning and strategically laddering our investments in 2021, the 2024 historic return for Delaware County residents and businesses would have never been achieved.”
Rankey noted the impressive year has grabbed the attention of Ohio Treasurer Robert Sprague, who lauded Rankey’s office for its efforts.
“Across the Buckeye State, local leaders and fiscal officers are working hard to shore up their communities’ finances and secure strong financial foundations for the future,” Sprague said. “This has certainly been the case in Delaware County, as Treasurer Rankey and his staff have worked with our office to leverage programs like STAR Ohio to invest and grow their public dollars. We’re proud to partner with the Delaware County Treasurer’s Office as they continue their work on behalf of their great community.”
While 2023 may have been a rousing success, Rankey and his team aren’t resting on their laurels. According to Chief Investment Officer Rick Karr, the 2024 investment portfolio already has $8.7 million in guaranteed investment income.
“We are working on extending the portfolio’s investment duration to maximize potential return in this high-rate environment,” Karr said. “One key policy we operate under is we minimize the idle cash in the county’s checking account. We move excess cash to STAR Ohio for short-term returns. We squeeze every penny and make strategic investments to take advantage of the current high-rate environment under Treasurer Rankey’s direction.”
Karr added that the Delaware County Treasurer’s Office follows the most secure investment policy by holding all investments to maturity. The investments under this policy always return the principal value at maturity, along with interest earnings, he said.
“Once maturity is reached on our investments, there is never any loss of any investment funds,” Karr stated.
Reach Dillon Davis at 740-413-0904. Follow him on Twitter @DillonDavis56.
