KALAMAZOO, MI (WKZO AM/FM) – Kalamazoo County has had a better year of investing your money to raise extra cash for programs, but a lot of that has been wiped out by inflation.
Chief Deputy Treasurer Tyler White told the county board in his latest update that 3.7% inflation has all but wiped out any real gains they hoped to achieve through investing.
“It’s still lower than our 3.88 % return on our investments but we only experienced a .18% net gain in our purchasing power, because of the impacts of inflation.”
He says the primary cause is high gas prices, which ripple through all facets of the economy.
“So that’s a 34% increase since February, fuel oil had up 54.8% increase since February those costs are being passed along to consumers and us along with it.”
The county’s portfolio is made up of money collected through taxes, grants and other revenue streams, that’s being invested until its spent.
So far this year, they have earned just over $5 million, according to White.
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