Lake County Treasury Achievements & Future Goals

The County Treasury manages all money received by Lake County, overseeing banking operations and investing funds through the county pool. Sullivan emphasized that while earning returns is important, the “County Treasurer’s top priority is protecting the public funds and maintaining sufficient liquidity to meet county needs.” He explained, “Public money received by the department, including grant funds, can be invested. Depending on the agency, revenue from those grants may stay with the program or be redirected.” Safeguarding these funds responsibly remains the department’s most important duty.

To learn more about the department, click here.

Sullivan highlighted several accomplishments, which were also shared during the Governance Workshop in January:

1. Implemented electronic payment options for multiple departments.

2. Expanded lockbox processing for property tax.

3. Conducted the first round of cannabis business tax audits.

4. Provided staff training and access to METRC for cannabis enforcement.

5. Completed Chapter 7 and Chapter 8 property sales.

6. Upgraded banking systems for operational and cybersecurity improvements.

“These improvements have helped streamline operations and strengthen compliance across the office,” Sullivan said.

Sullivan highlighted how the department manages property tax collections effectively, protecting public funds while maintaining fairness. He explained the use of a low-value ordinance, which prevents the County from spending money on properties worth less than the taxes owed. “This approach allows us to safeguard County resources while ensuring equitable property tax collections,” he said. By carefully managing these processes, the department maximizes funds available for essential services and local programs, demonstrating a thoughtful, proactive approach to financial management that benefits both residents and the community at large.

The Office of the Treasurer-Tax Collector also helps residents understand their property tax bills, a topic highlighted in the November 2024 edition here.

Sullivan praised department staff for their efforts to modernize infrastructure and improve efficiency. “These projects required substantial hardware and software upgrades, yet staff continued to serve the public,” he said. Recent improvements, including RT Lawrence Corporation’s Check 21 system, allow checks to be scanned and posted the same day. Previously, payments traveled by armored car to San Francisco, causing delays and added costs. These upgrades free staff time, reduce expenses, and improve service, including identifying unregistered short-term rentals, which increased Transient Occupancy Tax revenue to $1.35 million.

The County uses investment returns to fund programs and support local agencies. Sullivan explained, “We work with a licensed investment advisory firm to structure long-term portfolios while maintaining a liquid short-term portfolio for county needs.” Changes to the investment program, along with rising interest rates, expanded the core portfolio and increased yields. Until 2022, the County earned $100,000 per quarter; in Summer 2025, returns reached $6,098,833. Revenue from investments is distributed to local agencies, such as the following:

1. The county itself

2. Schools

3. Fire districts

4. Other local agencies

“We have also worked to reduce expenses wherever possible, including transferring or restructuring banking services to reduce fees,” Sullivan noted.

Looking ahead, Sullivan outlined plans to continue modernizing county operations and financial programs:

1. Continue developing the Treasury’s investment program.

2. Upgrade the deferred compensation plan.

3. Enhance the Cannabis Tax Program with audits, enforcement, and legislative updates.

4. Monitor court collection impacts at state and local levels.

5. Strengthen unsecured property tax enforcement.

6. Expand electronic banking and payment options.

Sullivan explained, “A combination of factors contributed to the increases in returns, including changes to the investment program during a rising rate environment. This allowed the County to expand its core portfolio while capturing higher yields on liquid assets.”

To view the Governance Workshop, click here.