JOSEPHINE COUNTY, OREGON EVA L.I. ARCE, TREASURER

REPORT FOR QUARTER ENDED DECEMBER 31, 2020

Submitted to the Board of County Commissioners

By ______1/22/21

S TATEMENT OF THE T REASURER AND IN V ES T M EN T O FFICER : The reporting requirements of ORS 208.090 and ORS 294.085 are fulfilled by this report and the report issued earlier. The investments of Josephine County are in compliance with the objectives and the requirements of the Investment Policy. At December 31, 2020 all bank accounts are in compliance with ORS 295. (See Attachment B). S U M M A RY O F T REASURER ’ S R EPORT : Total investments and cash (See page 2 and Attachment A) was $61,179,038 at December 31, 2020 compared to $55,306,054 at December 31, 2019. Interest rates on short-term investments at the Local Government Investment Pool (LGIP) is currently at 0.75%, a decrease of 1.25% since March 2020. Interest rate seem to be steady after the decreases in the beginning of the fourth quarter. No changes are expected from the Federal Open Market Committee in the near future. Quarterly statistics for the Treasury Division are shown in Attachment E. The Tax Division mailed 46,629 tax statements on October 12th 2020 for the total levied amount of $85,471,848. At December 31, total collections for property tax levies are at 99.11%. Current year collections at December 31, 2020, are at 90.47%, including discounts of 2.56%. Property taxes and delinquent interest collected and turned over to the 16 taxing entities in Josephine County totaled $78,126,545.43 for the quarter ended December 31, 2020. Quarterly statistics for the Tax Division are in Attachment E.

RECEIVED BY THE BOARD OF COUNTY COMMISSIONERS:

______DATE

Investments, Cash and Other Accounts 12/31/20 6/30/20 12/31/19 ACCOUNT TYPE BALANCE BALANCE BALANCE U.S. Govt. guaranteed obligations – Treasurer’s Pool $5,979,153. $8,440,058. $8,437,118. Commercial Bank Time Certificate of Deposits –Treasurer’s Pool Commercial Bank Demand 320,868. 1,813,502. 397,451. Commercial Municipal Money Market Accounts –Treasurer’s Pool 2,808,331. 4,898,892. 1,777,551. County Expenditure Outstanding (ZBA Acct) (592,460.) (426,822.) (948,568.) Total Treasurer's Accounts 8,515,892. 14,816,630. 9,663,551. Local Government Investment Pool (LGIP) – Treasurer’s 51,573,438. 39,673,611. 4,637,687. Local Government Investment Pool (LGIP) – Restricted 1,089,706. 653,363. 1,004,815.

Total Local Government Investment Pool. 52,663,145. 40,326,975. 45,642,502.

Total of All Accounts $61,179,037. $55,143,605. $55,306,053.

Treasurer’s Statements  Commercial bank demand deposit accounts are non-interest bearing. Interest rates on investment accounts are shown in Attachment A. Other bank account information is shown elsewhere in this report.  All Treasury investments are permitted by the Josephine County Investment Policy, and are within the percentage requirements of the Policy. The Policy has no restrictions on investments in commercial bank demand and commercial money market accounts. The Oregon Short Term Fund Board approved the Policy in June 2007; the Board of Commissioners adopted the Policy in 2007 and has re-adopted it each year since.  ORS Chapter 295 governs the collateralization of Oregon public funds and provides the statutory requirements for the Public Funds Collateralization Program. Bank depositories are required to pledge collateral against any public funds deposits in excess of deposit insurance amounts. This provides additional protection for public funds in the event of a bank loss. According to the Oregon State Treasurer, ORS 295 creates a shared liability structure for participating bank depositories, better protecting public funds though still not guaranteeing that all funds are 100% protected. It is the opinion of the Josephine County Treasurer, and other county treasurers, that the collateralization program essentially guarantees 100% of the balances, in excess of FDIC coverage, of each compliant public depositor. As of December 31, 2020, and as of the date of this report, all county deposits comply with the requirements of the Josephine County Investment Policy and ORS chapters 295 and 294.  A “third party” custodial agreement for investment safekeeping was completed in June, 2007. As of December 31, 2020, all securities were held by US Bank Institutional Trust & Custody. All investment transactions, except for direct purchase of bank TCDs, are cleared through this safekeeping arrangement.  On December 31st the Treasurer's investment maturities extend to September 2023. Details of investments held at December 31, 2020 are shown in Attachment A.  The Josephine County Investment Policy approved by the Oregon Short Term Fund Board, and re-adopted January 29th, 2020 by the Board of Commissioners, measures performance of the County’s investment portfolio against the performance of the Oregon Local Government Investment Pool and the 90-day Treasury bill rate. The graph shown below compares the performance of the “Treasurer's Pool” with the LGIP and the 90 day US Treasury Bill, along with the returns on all Treasury investments. Historically the LGIP yield is higher than the Treasurer's Pool in a rising interest rate environment and lower when rates are dropping. These yields are calculated and presented using the Bond Equivalent Yield method (i.e. annual percentage return calculated over 365 days vs. 360 days).

Investment Returns Analysis – December 31, 2020

3.25%

3.00%

2.75% Treasurer's Pool

2.50% All Investments 2.25% LGIP 2.00% 90 Day UST Bill 1.75%

1.50%

1.25%

1.00%

0.75%

0.50%

0.25%

0.00%

ATTACHMENTS

Attachment A Investment Analysis

Attachment B Compliance Report

Attachment C Quarterly Report of Cash in Funds

Attachment D Permitted Investments

Attachment E Quarterly Report of Department Activity by Division

Attachment F History of Property Tax Foreclosures

Eva L. I. Arce, Treasurer, Josephine County, Oregon December 31, 2020 ORS 208.090 Report Investments, Cash and Other Accounts Treasurer's Direct Investments Investment Investment CUSIP or Acct. Purchase Maturity Book Return Coupon Accrued Total Book Principal Total (ai) Over (under) Bank Number Type Number Date Date Value Rate Rate Interest $ Value $ Market Value Market Value Book Value USBT 943(2) REFCORP 76116FAG2 3/7/18 1/15/21 999,601 2.3600% 2.3610% 68,855.50 1,068,456 999,601 1,068,456 $ - USBT 944(1) FHLMC 3134GBP89 8/8/18 4/26/21 976,859 2.7400% 2.7410% 3,348.18 980,207 976,859 980,207 $ - USBT 952(1) FHLMC 3134GVWF1 5/21/20 5/18/23 1,001,186 0.4300% 0.4700% 555.13 1,001,741 1,001,186 1,001,741 $ - USBT 953(1) FNMA 3135G05H2 7/16/20 7/13/23 1,001,780 0.3600% 0.3600% 1,951.11 1,003,731 1,001,780 1,003,731 $ - USBT 954(1) FFCB 3133ELT53 7/15/20 4/23/23 999,728 0.3700% 0.3700% 1,718.55 1,001,446 999,728 1,001,446 $ - USBT 955(1) FFCB 3133EL5J9 9/3/20 9/1/23 1,000,000 0.3000% 0.2990% 1,003.09 1,001,003 1,000,000 1,001,003 $ - Total Treasurer's Direct Investments $ 5,979,153 77,431.56 $6,056,585 $ 5,979,153 $ 6,056,585

Return Month End Treasurer's General Purpose Investment Portfolio Rate Rate Treasurer's Direct Investments (from above)$ 5,979,153 Local Government Investment Pool - Treasurer's Investment 51,573,439 0.692% 0.750% First Interstate Bank Money Market 2,755,665 0.952% 0.750% People's Bank 52,666 0.196% 0.190% Total Treasurer's General Purpose Investment Portfolio 60,360,923

Treasurer's Restricted Investment Accounts Local Government Investment Pool - Unsegregated Taxes 1,089,707 0.748% 0.750% Total Treasurer's Restricted Investment Accounts 1,089,707

Treasurer's Other Cash and Investments FIB Bank District Attorney’s Witness Checking 1,795 N/A FIB Treasurer's Checking 319,074 FIB Zero Basis Account–A/P Disbursement Account (579,948) FIB Zero Basis Account–P/R Disbursement Account (12,512) NOTES: 1) Federal Loan Agencies Interest paid semi annually 2) FICO Strip Interest paid at maturity Total Treasurer's Other Cash and Investments (271,592)

Total Investments and Cash $ 61,179,038

Other Cash in Treasurer's Change Funds $ 2,100

Attachment A S:\Treasury\ALL\Reports\Compliance 2012-21.xls Josephine County Treasurer Compliance Report December 31, 2020

Percentages Allowed by Account Type Account Actual Allowed Permitted Account Types Balance Percent Percent A - Investments in U. S. Govt. Obligations $ - 0.0% 100% B - Investments in U.S. Govt. guaranteed obligations 5,979,153 9.7% 75%/25% C - Commercial Bank Time Certificates - 0.0% 50%/25% C - Commercial Bank Municipal Money Market Account 2,808,331 4.6% Not Limited C - Commercial Bank Restricted Bond Account - 0.0% Not Limited F - State Local Government Investment Pool (LGIP) 52,663,145 85.7% 100% H - State & Local Government Securities - 0.0% 25%/25% * Total % and % allowed in one Agency or Financial Institution Total Portfolio - Interest Bearing Accounts and Instruments $ 61,450,630 100.0%

C - Commercial Bank Demand $ 320,869 Not Limited C - Commercial Bank Zero Basis Accounts (592,461) Not Limited Total Cash and Other Bank Accounts $ (271,592) Total of All Accounts $ 61,179,038

Time Certificate Percent of Allowed TCD Percentages Allowed by Institution Balance Portfolio Percentage

$ - 0.0% 25% - 0.0% 25%

Total of TCDs in All Institutions $ - 0.0% 50.0%

Percent of Minimum/Maximum Portfolio Maturity Dates Amount Portfolio Allowed Percentage 30 Days and Less $ 55,471,477 93.3% 10% Minimum 90 Days and Less 56,448,336 94.9% 25% Minimum 366 Days and Less 55,471,477 93.3% 100% None 12 Months to 18 Months - 0.0% 25% Maximum 18 Months to 36 Months 4,002,694 6.7% 25% Maximum Matched Long Term Maturities - 0.0% Matched Total Portfolio$ 59,474,171 100.0%

PUBLIC FUNDS COLLATERALIZATION PROGRAM (Effective July 1, 2008)

ORS Chapter 295 governs the collateralization of Oregon public funds and provides the statutory requirements for the Public Funds Collateralization Program. Bank depositories are required to pledge collateral against any public funds deposits in excess of deposit insurance amounts. This provides additional protection for public funds in the event of a bank loss.

Banks are required to report quarterly to the Oregon State Treasury, providing quarter-end public funds balances in excess of the FDIC limits, net worth, and FDIC capitalization information.

Public officials are required to verify that deposit accounts in excess of deposit insurance limits are only maintained at financial institutions included on the list of qualified depositories found on the Oregon State Treasurer’s web site at: http://www.ost.state.or.us/divisions/finance/collateral/qualifieddepositoriespublicfunds.htm

On December 31, 2020, and at the date of this report, all reporting requirements of ORS 295 are satisfied.

Attachment B - Compliance Report General Ledger Summary Trial Balance Period: 04 to 06, 2021

Fund Description Balance as of 9/30/20 Debit This Period Credit This Period Balance as of 12/31/20 10 General Fund 6,649,620.64 6,724,071.12 3,543,492.96 9,830,198.80 11 Public Works 1,117,272.79 2,172,256.71 2,175,798.09 1,113,731.41 12 Law Enforcement 3,169,546.91 2,634,718.00 3,273,122.43 2,531,142.48 13 Community Corrections 1,964,557.43 2,170,459.31 1,782,081.70 2,352,935.04 14 Public Health 859,718.07 956,714.07 940,265.04 876,167.10 15 Mental Health 1,533,832.51 1,616,554.35 1,723,697.00 1,426,689.86 16 Grant Projects 2,907,644.31 1,467,200.37 1,710,887.80 2,663,956.88 17 Jail & Detention 1,850,927.77 8,187,635.58 2,419,179.51 7,619,383.84 20 Building and Safety 1,265,342.94 259,806.51 322,925.95 1,202,223.50 22 Court Security 25,249.13 15,460.38 12,777.89 27,931.62 23 Fairgrounds 235,984.03 194,367.41 215,815.19 214,536.25 24 Parks 735,913.62 470,630.94 388,126.56 818,418.00 25 Transit 1,533,510.25 678,608.20 1,669,021.23 543,097.22 26 Animal Shelter & Control 176,618.79 662,982.46 307,904.94 531,696.31 30 Clerk Records 17,751.96 6,459.73 2,574.83 21,636.86 31 DA Forfeiture 149,456.21 293.29 0.00 149,749.50 32 DA Special Programs 101,900.82 27,779.91 5,000.00 124,680.73 33 Juvenile Justice Special Prgms 27,845.02 40,064.84 104,992.67 -37,082.81 34 Public Land Corner Preserv 76,194.48 48,410.60 46,346.66 78,258.42 35 PW Special Projects 26,392.32 39,404.88 53,912.52 11,884.68 40 Administrative Internal Svc 905,602.52 1,307,274.85 1,111,739.11 1,101,138.26 41 Co Fleet & Facilities Services 564,509.27 1,111,390.50 1,064,442.77 611,457.00 42 Insurance Reserve 709,713.41 386,866.02 635,418.69 461,160.74 43 Payroll Reserve 663,583.50 71,761.91 156,733.81 578,611.60 44 Payroll Clearing 991,409.09 6,613,399.87 6,548,889.54 1,055,919.42 46 Roads and Bridges Reserve 10,948,503.96 21,272.21 330,436.41 10,639,339.76 47 Property Reserve 2,430,293.40 371,510.19 311,026.68 2,490,776.91 48 Equipment Reserve 626,451.36 1,293,396.34 809,830.87 1,110,016.83 49 Forestry Reserve 4,950,927.06 9,359.63 582,632.02 4,377,654.67 50 Commissary 169,189.63 333,849.92 323,307.36 179,732.19 51 G. P. Airport 38,241.39 190,051.72 206,607.38 21,685.73 52 I. V. Airport 77,220.00 57,677.95 35,386.64 99,511.31 53 Enterprise Capital Fund 91,953.86 66,833.82 170,345.51 -11,557.83 61 PERS Bond Debt Service 2,048,857.55 497,853.41 127,456.25 2,419,254.71 71 County School 330.97 603.90 0.00 934.87 72 Human Service Programs Trust 0.00 0.00 0.00 0.00 75 PEG Access Trust 21,650.99 42.47 0.00 21,693.46 76 Sheriff Forfeiture Fund 200,400.00 7,613.57 132,874.22 75,139.35 77 Sheriff Programs Trust 72,982.46 1,346.73 4,182.00 70,147.19 79 Potential Refund Credit 1,162,166.27 111,195.65 3,072.04 1,270,289.88 80 4H Extension District 272,326.38 338,097.45 81,255.07 529,168.76 81 4H Building Reserve 363,753.97 704.52 6,500.00 357,958.49 82 Deputy Sheriff Relief 5,943.53 11.65 0.00 5,955.18 83 DA Ckg-USB Witness Revolving 1,800.67 135.00 135.00 1,800.67 84 Domestic Violence 1,700.40 2,600.00 3,575.00 725.40 85 Expanded Lien Release 3,369.64 464.00 224.00 3,609.64 86 Statutory Liens 0.00 0.00 0.00 0.00 87 Perform. Bond 47,315.00 64.35 18,873.76 28,505.59 88 Pre-Payments Trust 163,800.15 188.93 163,781.06 208.02 89 ORS35.265(1) Just Compensation 0.00 7,700.00 7,700.00 0.00 90 Uncashed Cks 98.302 5,843.22 52,807.85 5,834.22 52,816.85

Attachment C - Cash in Funds 91 Holding Suspense 88.23 0.00 0.00 88.23 92 Childrens Trust Fund 3,493.02 208.77 141.00 3,560.79 93 Car Seat Trust 0.00 0.00 0.00 0.00 94 Assessment & Tax 422,320.15 399,819.53 422,320.15 399,819.53 95 JoCo Juvenile Trust 797.98 1.56 0.00 799.54 96 Special Advocate Trust 0.00 0.00 0.00 0.00 97 Tri Trust Fund 1,815.10 3.55 0.00 1,818.65 98 Unsegregated Taxes 257,272.89 76,142,292.97 75,307,723.82 1,091,842.04 99 Segregated Taxes 8,859.59 62,735,658.02 62,735,982.35 8,535.26

Report Totals 52,659,766.61 180,507,937.47 172,006,349.70 61,161,354.38

Attachment C - Cash in Funds S:\Treasury\ALL\Reports\Permitted Investments.doc PERMITTED INVESTMENTS UNDER THE JOSEPHINE COUNTY INVESTMENT POLICY

Type A. Legally issued general obligations of the United States: Code Description USTRS U.S. Treasury Bills, Notes, Bonds, STRIPS U.S. Treasury Strips.

Type B. US Government Agency Securities and Instruments of Government-Sponsored Enterprises: Code Description FFCB Federal Farm Credit Banks, FHLB Federal Home Loan Banks, FHLMC Federal Home Loan Mortgage Corp., FICB Federal Intermediate Credit Bank, FICO Financing Corporation, FLB Federal Land Bank, FNMA Federal National Mortgage Assoc., SLMA Student Loan Marketing Assoc., TVA Tennessee Valley Authority.

Type C. Deposits in Commercial Banks which maintain a head office or branch in the State of Oregon in the capacity of a bank. As required by ORS Chapter 295, the County Treasurer will be responsible to ensure that a Certificate of Collateral Participation has been issued by the institution to collateralize outstanding demand deposits and Time Certificates of Deposits: Code Description TCD Time Certificate of Deposits, CDARS TCDs issued through the Certificate of Deposit Registry Service as allowed by ORS 295.004 DDA Demand Deposit Accounts, MMA Municipal Money Market Accounts.

Type D. Deposits in Mutual Savings Banks, Savings and Loan Associations and Federal Credit Unions which maintain a head office or branch in the State of Oregon in the capacity of a Mutual Savings Bank, Savings and Loan Association or Credit Union. The County Treasurer will be responsible to ensure that a Certificate of Collateral Participation has been issued by the institution to collateralize outstanding Certificates of Deposits: Code Description CD Certificate of Deposit.

Type E. Repurchase Agreements (Repo's): Master Repurchase agreements are required with any bank dealing in Repurchase Agreements. Code Description REPO Repurchase Agreements

Type F. Local Government Investment Pool (LGIP): To the limit of ORS 294.810, $43,889,508 Effective 1/1/2011, not limited for funds invested temporarily on behalf of another government unit.

Type G. Bankers Acceptances: Code Description BA Bankers Acceptances

Type H. Municipal Securities : Code Description MUNI State and Local Government Securities Attachment D – Permitted Investments Josephine County Treasurer/Tax Collector Report of Activity for Quarter Ending December 31, 2020

OCT-DEC Line 2020 No. ______1 TREASURY DIVISION ACTIVITY 2 # Receipts Issued 602 3 # Revenue Receipts (JV's) (ACH's) 1,747 4 # Checks/Wires 802 7 $ Average Portfolio $67,850,968 8 $ Interest Earnings Receipted $97,242 9 $ Interest Earnings Accrued $93,237 10 $ Fees Generated - Treas Investment Fee $39,126 11 # Checks Processed (cleared) 2,481 12 # Tax Distributions 7 13 $ Tax & Delinq. Interest Distributed $77,213,813

14 TAX DIVISION ACTIVITY 15 # Statements Mailed 46,629 16 # Delinquent Notices Mailed 0 17 # Tax Warrants Issued on MH & BPP 0 18 # Liens Satisfied MH & BPP 11 19 # Notices of Foreclosure Cert & 1st Class 0 20 # Properties Published as Foreclosed 0 21 # Properties Redeemed 0 22 # Properties Deeded 0

23 # Tax Refunds Processed/Issued 553 24 $ Amount of Tax Refunds Issued $581,782 Refunds over $10K 25 # of Tax Journal Vouchers 26 # of Tax Accounts Re-billed 27 # Destroyed Property Applications 1 28 # Active Bankruptcies # of Properties 23 29 # Prepay Receipts Issued 1 31 # Register Receipts Issued 12,306 32 # e-Payments Processed 2,689 33 # Remit & Bank Payments Processed 15,663 34 # Address Changes 415 35 $ Fees Generated $5,996

36 % Current Taxes Collected ($) 90.470% 37 $ Current Year Taxes Uncollected $8,148,829 38 Number of Current Accounts Uncollected 7,632 39 % 1-3 Years Delinquent ($) 1.136% 40 $ 1-3 Years Delinquent Uncollected $2,566,745 41 Number of accounts1-3 years Uncollected 2,935 42 % 4 & More Years Delinquent ($) 0.017% 43 $ 4 & More Years Delinquent Uncollected $165,586 44 Number of accounts 4 & More Yrs Delq Uncollected 481

Attachment E - Quarterly Report of Department Activity by Division Josephine County Treasurer and Tax Collector History of Property Tax Foreclosures Through December 31, 2020

Number of Date Number of Number of Date of Properties Foreclosed Number of Properties Year of Year Properties Foreclosure With Property Properties Owner Foreclosure Delinquent Published Judgment Judgment Deeded Deeded Occupied 1987 1984/85 188 11/4/1988 52 4/16/1991 10 ? 1989 1985/86 130 11/24/1989 51 4/13/1992 13 ? 1990 1986/87 133 10/25/1990 54 7/27/1994 8 ? 1991 1987/88 125 12/13/1991 51 8/6/1994 9 ? 1995 1988/89 110 10/8/1992 54 4/24/1995 6 ? 1993 1989/90 133 10/22/1993 35 6/6/1996 8 ? 1994 1990/91 100 10/21/1994 38 4/10/1997 5 0 1995 1991/92 97 10/18/1995 38 4/28/1998 6 0 1996 1992/93 94 10/8/1996 45 5/10/1999 11 1 1997 1993/94 104 10/8/1997 43 6/9/2000 4 0 1998 1994-95 111 10/5/1998 40 10/15/2001 6 1 1999 1995-96 73 10/18/1999 32 6/19/2002 2 0 2000 1996-97 57 10/18/2000 28 5/14/2003 2 0 2001 1997-98 38 10/5/2001 23 5/11/2004 3 0 2002 1998-99 33 10/9/2002 23 9/5/2005 2 0 2003 1999-00 20 10/9/2003 11 7/28/2006 2 0 2004 2000-01 33 10/6/2004 14 12/21/2006 1 0 2005 2001-02 35 10/28/2005 13 3/18/2008 1 0 2006 2002-03 21 10/17/2006 10 1/27/2009 2 0 2007 2003-04 18 10/10/2007 7 11/30/2009 0 0 2008 2004-05 21 10/6/2008 10 2/22/2011 2 0 2009 2005-06 33 10/14/2009 16 3/26/2012 1 0 2010 2006-07 63 10/12/2010 37 4/22/2013 3 0 2011 2007-08 54 10/11/2011 29 5/9/2014 5 0 2012 2008-09 71 10/9/2012 45 8/4/2015 5 0 2013 2009-10 49 10/29/2013 29 1/28/2016 4 1 2014 2010-11 276 10/15/2014 171 2/9/2017 3 1? 2015 2011-12 39 10/22/2015 28 3/9/2018 1 0 2016 2012-13 31 10/6/2016 21 2/14/2019 5 0 2017 2013-14 110 10/6/2017 55 2/7/2020 19 0 2018 2014-15 56 10/5/2018 46 2021 2019 2015-16 42 10/4/2019 23 2022 2020 2016-17 45 10/11/2020 31 2023

Attachment F - History of Property Tax Foreclosures