Will County Treasurer’s Investment Strategy Yields $6 Million in Income

Finance Committee Meeting | February 3, 2026

Article Summary: County Treasurer Tim Brophy and investment managers from Stifel presented a detailed review of the county’s investment portfolio to the Finance Committee. The presentation highlighted a strategy of diversification and short-term investments that generated approximately $6 million in annual income, outperforming average portfolio yields.

Will County Finance Committee Key Points:

• Portfolio Value: As of November 30, the county held over $191 million in corporate funds and $310 million in treasurer’s funds.

• High Yields: Stifel reported a weighted average yield of 4.6%, significantly higher than the 3.27% average for similar public entity portfolios.

• Income Generation: The investment strategy generates approximately $6 million in annual income for the county.

• Future Outlook: Officials warned that as interest rates normalize, these high yields may not be sustainable in the long term.

The Will County Finance Committee received a comprehensive update on the county’s financial health on Tuesday, February 3, 2026, with a presentation from Treasurer Tim Brophy and investment firm Stifel outlining a successful strategy that has maximized returns during a period of high interest rates.

Brophy opened the discussion with a high-level overview, noting that as of the end of the fiscal year on November 30, the county held $191 million in corporate funds—money used for day-to-day operations—and $310 million in “Treasurer’s Class C” funds, which are reserved for 51 specific purposes ranging from 911 systems to debt service.

“Prudence dictates that we diversify our holdings both in where it is and the type of instruments it is in,” Brophy explained, introducing Mark Davidoff and Jeff Ringstad from Stifel, one of the county’s larger investment managers.

Ringstad presented data showing that the portion of the portfolio managed by Stifel—approximately $129 million—was achieving a weighted average yield of 4.6%. He noted this was well above the 3.27% average seen in similar portfolios for public entities.

“You folks are a good 1.25% plus higher than average,” Ringstad told the committee. “This generates about $6 million in annual income that can be used for those benefits.”

The presentation also touched on risk management. Ringstad emphasized that 98% of the portfolio has some form of government credit backing, ensuring high safety of principal. The strategy relies heavily on shorter-term investments, with 75% of the portfolio maturing within five years to maintain liquidity.

However, Brophy cautioned the board against expecting these returns to last forever. He displayed a chart of U.S. Treasury yield curves, showing how rates have shifted from 2019 to the present.

“Those excess yields may not… you shouldn’t count on them,” Brophy warned. “Those things we enjoyed in ’22, ’23, ’24 are not going to be there going forward on a normal basis.”

Board member Julie Berkowicz (District 10) pressed for more specific details on maturity schedules for the investments. “I believe I asked for a schedule in the past, but we’ve never received it,” she said. Brophy responded that detailed monthly reports are provided to the full county board, though Berkowicz insisted they be included in the Finance Committee agenda as well.