We have been asked to get the details of Lake County’s investment portfolio. For those that like to read this type of data, we are only too happy to provide it for you.
Some interesting statistics for you to consider:
As of 10/31/18:
Cash or cash equivalents on hand $157,614,014.39
The estimated annual investment income is $5,040,521.21 (1.78% of cash and securities)
The estimated 2018 budget appropriations were $247,647,070.08.
When you have a big enough “nest egg” even a paltry 1.78% generates a lot of additional income.
What ever happened to the “good old days” when citizens could make 4%-5% on their CD just sitting in the bank? Let me answer my own question. It makes me think of a take off on the lyrics of the old Jerry Reed country and western song…….the banks, politicians, and investment bankers got the gold mine, and the citizens got the “shaft”.