Modified: January 7, 2020 6:29pm
Created: January 7, 2020 11:16am
Historic investments earns Erie County families
more than $1.2 million in interest
Erie County Comptroller Stefan I. Mychajliw Jr. reports that investments, which include Treasury Bills, Money Market, and CD investments, have resulted in historic earnings to Erie County Taxpayers totaling $1,229,338 for 2019. The interest earnings are a result of working with M&T Bank to take advantage of rising interest rates and wise investments on behalf of taxpayers, benefitting Erie County.
When the county earns money through investments, Erie County is in better fiscal health, leading to a higher fund balance, which can also mean it’s less likely your taxes will go up.
“Our team works hard doing everything we can to help ease the burden on taxpayers,” said Comptroller Mychajliw. “The Office of Erie County Comptroller took the initiative to work with M&T to make smart investments. We are sending a message to taxpayers of Erie County: we know the everyday challenges of paying bills and keeping up with cost of living increases. If we can ensure strong fiscal health, we lessen the likelihood that lawmakers will raise their taxes to keep county services operating.”
Treasury bills (T-Bills) are debt obligations backed by the Treasury Department of the U.S. government with maturities that vary. By purchasing T-Bills, Erie County basically provides the federal government with a short term loan, which then earns interest on that transaction.
Interest earned in 2019 includes:
- Treasury Bills: $539,107
- Money Market Investments: $259,172
- CD Investments: $431,059
With the national economy booming, the Office of Erie County Comptroller decided take advantage of the benefits of investing in T-Bills.
“Over the past few years my office has worked to make investments that have earned millions of dollars for taxpayers. I’m proud of my team for their efforts to ensure a fiscally strong Erie County,” said Comptroller Mychajliw. “Our staff has demonstrated their depth of knowledge and expertise to work every day on behalf of the families we serve.”