Market volatility takes a toll on Carbon retirement fund
The Carbon County Retirement Fund took a hit this past month.
During the monthly meeting of the county retirement board on Thursday, Robert Crampsie, county controller and secretary of the retirement board, announced that the retirement portfolio value as of May 31 was $56,798,596, down over $3.8 million from the end of last month.
"Last month we reported that we finally went over that $60 million barrier," Crampsie said. "The month of May ended up being a down month. We have bounced back for the month of June though. We already recovered about $1 million of the $3.8 million loss.
"As you can see the market continues to have a lot of volatility."
The portfolio value is doing well, despite the loss.
A very volatile stock market in 2008 and early 2009, due to the shaky economy, brought the retirement fund down to a starting balance of $47,684,152 and left the county with a negative-24 percent return in 2008.
The downward spiral continued through February 2009 but ended in March 2009, when Carbon County posted its first positive month in a long time. Since then, the retirement fund portfolio has been performing rather well, having only a few decreases over the last year.
In April, the portfolio hit the $60 million mark briefly before being hit hard last month.
The county is still down around $8 million from its high of $65 million in 2007.