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Finance committee hears investment plan from Government Portfolio Advisors as $25 million in bond proceeds hit city account
Summary
Government Portfolio Advisors presented a plan Aug. 25 to actively manage portions of Santa Fe’s operating and bond-proceeds funds, proposing an initial $75 million core portfolio, a 4-basis-point fee and new policy work to limit risk within state law.
The City of Santa Fe Finance Committee heard a presentation Aug. 25 from Government Portfolio Advisors on a proposed investment strategy to manage portions of the city’s operating funds and recent bond proceeds.
The presentation matters because the city reports roughly $389,000,000 in its operating fund and last week closed a $25,000,000 general-obligation bond sale that staff said is now in the city’s bank; how those dollars are invested affects liquidity and potential earnings available for operations and capital projects.
Deanne Woodring, president and senior adviser at Government Portfolio Advisors (GPA), told the committee her firm proposes a core investment portfolio that would be laddered with U.S. Treasury and agency securities, with average maturity around two years and individual maturities limited to five years to match the city’s current policy constraints. Woodring said GPA’s initial proposal called for building a $75,000,000 core portfolio and that the firm would work with city…
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