Essex County generated over $18M in investment income in 2024

By Sylene Argent, Local Journalism Initiative Reporter, Essex Free Press

The 2024 Investment Performance Report details the County of Essex held over $313M across 10 institutions, using a mix of short, medium, and long-term instruments.

Overall, the portfolio generated over $18M in investment income in 2024, achieving an average return of 5.79%, Melissa Ryan, Director of Financial Services/Treasurer, detailed.

Essex County Council received the report for information during the May 21 meeting.

The County continues to hold a portion of funds in Principal Protected Notes, which Ryan explained guarantees the return of the principal at maturity, and provide the opportunity for growth linked to equity market performance. “2024 was a dynamic year in financial markets, shaped by global volatility, shifting inflation expectations, and changing interest rates,” Ryan said.

“Our investment strategy responded by continuing to focus on a balanced, low-risk approach that protects capital, while capturing higher-returns when available.”

In 2025 and onwards, the County will maintain a cautious, yet flexible approach, Ryan said, adding staff will continue to work closely with advisors and monitor opportunities. They will also make adjustments as needed, based on economic conditions and rate changes.

“Investment income continues to serve as an important alternative funding source for the County,” Ryan said. “It helps offset the annual Operating Budget, reducing the levy requirement, while also supporting long-term reserves to ensure they are replenished, not only by levy funds.”

County Council received the report without any discussion or asking any questions on the matter.