Chesterton Tribune



Commissioners and Council hear update on investment returns

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The Porter County Commissioners and County Council gathered Tuesday night for a meeting of the Porter County Foundation to heard updates on the Foundation investment portfolio.

The Board heard a presentation from its consulting partner, Capital Cities LLC, on the performance of the Foundation’s investment portfolio. Representatives of Capital Cities also described four projects they will undertake this year with an accompanying timeline for completion. In May, they will deliver a comprehensive fee analysis to the Board, along with the first quarter report. In August, they will tackle portfolio construction and give the second quarter report. In November, they will have completed a review of the investment policy statement and will give the third quarter report.

Capital Cities reported that the market is volatile right now, and Foundation President and County Councilman Mike Jessen, R-4th, noted that the largest point decline ever recorded for the Dow Jones was documented just weeks ago. The Foundation’s portfolio is still well-positioned to handle changes in the market and is currently maintaining slightly positive returns. At close of last year, the Foundation’s portfolio had garnered an 11 percent return.


In other business, Jessen introduced a resolution signifying the Foundation’s commitment to establishing an unofficial rainy-day fund within its holding fund. The goal is to build the fund up to three years’ worth of operating costs and maintain it as a contingency plan for years when the Foundation does not have enough income to cover its expenses.

Foundation Vice-president and Councilman Dan Whitten, D-at large, said that the move is conservative, but with good reason. “It is a very conservative approach, but we are a very conservative board. We are a very conservative board because we are talking about public money.”

Jessen and Foundation Attorney Harold Harper concurred that while the Board should be happy for the current success of investments, it must also plan for the future and not get too comfortable.

The resolution was approved unanimously.


The Board also held a brief reorganization meeting where it unanimously decided to retain Councilman Jessen as Foundation President and Councilman Whitten as Vice-president.



Posted 2/28/2018




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