Will County Treasurer's Office Overview
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Transcript of Will County Treasurer's Office Overview
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TREASURER’S OFFICE
Steve Weber, CPA
Will County Treasurer
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STEVE WEBERCertified Public Accountant, 1986Bachelor in Accounting, Lewis UniversityChief Deputy Auditor, 1986-2000Will County Auditor, 2000-2008Elected Treasurer in 2010
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WILL COUNTY TREASURER Collects $1.62 Billion Property Tax Levy
273,000 ParcelsBalanced within 48-cent
Manages $340 Million County Funds 20 Full-Time Employees
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CHALLENGES Office Without a Mission
Spent 10 Years in NeutralEmphasis Drifted to CollectionLack of InnovationReactive, not Proactive
Managers honestly thought there was nothing they could improve or do better.
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FIRST STEPS Focused on Employee Morale
One-On-One Meetings with Staff Employee Focus Group (without
Managers) Identified 16 Employee-Based Changes Implemented 15/16 by Year’s End
Shaved $244,000 in Operating Expenses
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NO SACRED COWSWe reduced cost and increased service by aggressively negotiating with banks.
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OUT-SOURCINGWe regained an entire month for our employees to focus on their primary job.
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CREDIT CARD FEESWe leveraged our $100 Million Credit Card Portfolio for lower fees and improved service for staff and public.
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UNCLAIMED FUNDSYes, Will County “lost” a $140,000 check to Cash Dash and didn’t know it.
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PAPERLESS TAX BILLS
Pending Legislation
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HAT #1:PROPERTY TAXES
Will County Treasurer’s Office
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THE PROPERTY TAX PROCESSTownship Assessor Determines NEV
County Clerk Calculates Your Tax Bill
Treasurer Mails the Bill
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THE COLLECTION PROCESSBanks, Credit Unions, and Will County Collect Funds
Treasurer Invests Collection to Earn Interest
Distribute Levy Funds and Interest to Taxing Districts
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HAT #2:BANKING & INVESTMENT
Will County Treasurer’s Office
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INVESTMENT OBJECTIVES1. Follow Federal and State Law2. Maintain the Public Trust3. Provide Sufficient Liquidity4. Preserve Capital5. Control Risk through Diversification6. Maximize Yield while Minimizing Risk
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HOLDINGS BY MANAGER
Fifth-Third Asset
Mgmt; $25,061,
532 William Blair;
$103,851,931
Trea-surer's Office;
$168,312,718
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HOLDINGS BY SECURITY TYPE
CDAR10%
Certificates22%
Commercial Paper7%
Municipal Bonds0%
Cash60%
June 2011
Cash29%
Commercial Paper3%
Corporate Bonds15%
FFCB Bonds0%
FHLB Bonds2%
FHLMC Bonds8%
FNMA Bonds22%
Illinois Funds0%
Money Market16%
Municipal Bonds2%
TIPS2%
Treasury Notes0%
February 2013
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12 MONTH US TREASURY YIELD
2009 2010 2011 20120.000%
0.050%
0.100%
0.150%
0.200%
0.250%
0.300%
0.350%
0.400%
0.450%
0.500% 0.471%
0.318%
0.182% 0.175%
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INTEREST INCOME (2008-2012)
2009 2010 2011 2012 $(500,000) $-
$500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000
Treasurer's Class C Fund Corproate Class C FundSpecial Trust Fund Levy Interest Distribution
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TREASURER’S OFFICE
Steve Weber, CPA
Will County Treasurer