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McMinnville officials weigh modernizing 1989 investment policy, hiring adviser via intergovernmental contract
Summary
Finance Director Katie Henry proposed updating the city's long-dated investment policy and hiring Government Portfolio Advisors to help diversify and ladder investments; councilors asked for more procurement details and alternatives before a contract returns for formal approval.
Finance Director Katie Henry told the City Council at a work session that McMinnville's existing investment policy, last reviewed in January 1989, limits the city to very short maturities and prevents the city from investing funds for long-term utilities and capital projects.
"Our maximum maturity for our investments is 18 months," Henry said, adding that the policy "emphasizes our cash flow and liquidity over making money over the long term." She recommended rewriting the policy to allow more diversification, to submit the revised policy to the Oregon Short Term Fund Board for review, and to retain outside assistance for portfolio implementation.
Henry introduced Diane Woodring of Government Portfolio Advisors (GPA), who described GPA's services to Oregon local governments and recommended a balanced portfolio that preserves safety and liquidity while extending average maturities to capture higher yields.…
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