Deputy Treasurer Ryan Travellstead presented the county's quarterly investment report to the Board of Finance and the board voted to give advice and consent to the proposed quarterly investment strategy.

Travellstead told the board the treasurer's priorities remain the same: "safety of principal, liquidity, and then focus on yield." He said deposits were fully collateralized under state statute and that property tax and gross receipts tax collections were close to budgeted expectations for the fiscal year. The board approved the investment strategy on a roll-call vote after the presentation.

Why it matters: the investment strategy guides how the county manages cash to pay bills and support operations. Travellstead said total cash balances have declined from roughly $781 million in June 2024 to about $721 million in June 2025, a change he attributed largely to spending of American Rescue Plan Act (ARPA) funds. The board's decision affirms the county's current approach to liquidity and duration management as the ARPA drawdown continues.

Most important facts: Travellstead reported that, as of June 30, the county had collected about 96.67% of property tax receipts to date and that property tax revenue for the year was 102% of the budgeted projection. Gross receipts tax receipts were about 97.5% of budgeted projections, rising to approximately 99.5% if the equalization distribution is included. He said the county earned about $34.1 million in investment income for the year, of which about $21 million was attributed to the general fund.

Representatives from Government Portfolio Advisors recommended maintaining the board's target ranges for portfolio size and composition. Diane of Government Portfolio Advisors said the firm was not recommending changes to the target ranges this quarter and advised the core portfolio's duration be managed so no holdings exceed seven years. She recommended "build[ing] out that middle part of the curve" to address a gap in the two- to four-year sector the advisors identified after recent maturities.

On portfolio structure, advisors and staff said the county will keep a relatively larger weighting in U.S. Treasury securities, because they are not seeing additional yield spread opportunities in agencies. The board was told the cash-match portfolio is largely funded through December under the current maturity schedule and that bond-proceeds investments will be made following direction from the finance manager's office.

Staff also told the board the county intends to bring a draft update to the county's investment policy for board review and approval in November, after additional clarifying edits discussed at the June investment committee meeting.

Workforce and recruitment follow-up: Travellstead said the treasurer's office contracted Viant Consulting Group to study recruitment and retention and that the firm delivered its report on Aug. 6. The report, he said, found several job descriptions "don't quite capture the technical, highly technical aspects" of positions in the treasurer's office and recommended updates. Travellstead said he has discussed those recommendations with county management and that staff will coordinate with Human Resources Director Julianne and with Matt to implement changes. A commissioner who spoke during the meeting urged the county to examine job descriptions across multiple departments, including the assessor's office, to improve recruiting for finance and accounting roles.

Formal actions and votes: Commissioner Charleston moved ("I move to give advice and consent to the proposed quarterly investment strategy as outlined in the Board of Finance report"). The motion was seconded and approved on a roll-call vote with Barbara Baca, Commissioner Frank Baca and Chair Olivas recorded as voting "yes." The board also approved the minutes from the May 27, 2025 Board of Finance meeting earlier in the session.

The board noted the next Board of Finance meeting is scheduled for Nov. 18 at 4 p.m. in the Ken Sanchez Commission Chambers.

(Reporting note: All quotes and attributions in this article come from presenters and board members who spoke during the meeting.)