ASHLAND — Ashland County’s treasurer was all smiles on Thursday.
Angie McQuillen, the treasurer and president of the Ashland County Investment Advisory Board, reported a whopping $2.1 million windfall from investment interest earnings over 2023.
But not all of that money ends up in the general fund, McQuillen said. There are eight county funds in which she owes interest. So the net earnings from interest gained amounted to $1.8 million.
“That money ($1.8 million) can be used for anything,” the treasurer said.
The upward trajectory shattered even last year’s $576,709 return on county investments as the fourth quarter of 2022 drew to a close.
In 2021, the county’s total returns on investments totaled $96,338.18.
Interest rate hikes by the Federal Reserve drove higher yields over the last two years, but McQuillen warned the returns might slow down soon. The Fed is expected to cut today’s rate of up to 5.5% down to around 3.75%, McQuillen said.
The nation’s inflation rate has slowed — the last rate hike happened in July 2023.
The Federal Open Market Committee has indicated 2024 could bring at least three rate reductions, which could prompt more consumer spending.
Ashland County’s investment earnings come from “idle money” that comes into the county that hasn’t been spent yet, McQuillen said.
In total, the county is earning interest on $45.8 million, according to data provided by the treasurer.