BRADENTON — Last week, the Office of Angelina Colonneso, Clerk of the Circuit Court & Comptroller, announced a $70.9 million increase in the county’s investment portfolio—the largest increase in investment revenue since 2019.
Coloneso attributed the return to the staff in conjunction with the clerk's investment advisors through diversifying the portfolio and a strong market yielding much higher interest rates than seen since the pandemic.
Coloneso, as Comptroller to the Board of County Commissioners, invests board and other funds that are not yet slated to be spent in the market to preserve the principle, maintain liquidity, and maximize returns to ensure financial stability for our community’s future needs.
"$71 million is going back to the taxpayers in the form of additional revenue to be used by the County to fund important projects and services," said Colonneso.
The money is invested according to Florida Statute and Manatee County’s investment policy, with the oversight of the clerk’s investment advisor.
Monthly investment reports produced by the clerk’s investment advisors are uploaded to the website each month. These reports provide a snapshot of market conditions and portfolio status.
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mcmplm
Kudos to the clerk's office for participating in the rise of short and medium-term interest rates.
Unfortunately, the rise in interest rates has been caused by a rise in inflation which has affected all Manatee County citizens who are struggling to keep up with the rising cost of living. Use the interest rate windfall to roll back the recently announced utility bill increase and enact a variable property tax credit for fiscal year '24 and beyond.
Mike Meehan, CFA, MBA
Wednesday, November 8, 2023 Report this
Dave
What Mr. Meehan says.
Thursday, November 9, 2023 Report this