Lucas County interest down for quarter

11/14/2008

Lucas County earned $2.2 million from its investments in the third quarter of the year - July through September - about $761,000, or 26 percent, less than the same period last year, according to County Treasurer Wade Kapszukiewicz.

During a quarterly meeting of the Lucas County Investment Advisory Committee, Mr. Kapszukiewicz said the county is still on track to meet its $11 million projection for the year.

The treasurer said low interest rates - not the plunging stock market - caused the drop in income.

"We've been immune, by and large, from what's happening on Wall Street," Mr. Kapszukiewicz said.

He also said he expected next year's investment income to drop to about $9.3 million, although the treasurer's office has yet to issue an official projection.

"Next year is going to be tough," he said.

The county has $345.6 million invested in notes, certificates, and other accounts, which are managed by the county treasurer.

According to Mr. Kapszukiewicz, the county earned about $9.2 million through Sept. 30.

Earnings at the beginning of the year, which were more than expected, will make up for the more recent dip, and the county's investment earnings likely will be about $500,000 more than the treasurer's $11 million projection, Mr. Kapszukiewicz said.

Most of the money goes into the county's general operating fund.

He emphasized that the county's investments are not in danger of losing value.

The county's sales tax also has been slow-growing, taking in $54.2 million so far this year - more than the county received in 2007, but below the treasurer's estimate for 2008.

Mr. Kapszukiewicz said the county likely would receive about $1.2 million less than his $73 million target for sales tax revenue.