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Highland staff seeks direction to diversify city reserves beyond state pool
Summary
City finance staff and investment advisor METER Public Funds outlined a plan to move roughly half of Highland’s cash reserves from the state Public Treasurer’s Investment Fund (PTIF) into a laddered portfolio to stabilize returns; council asked for fee comparisons and more vendor options before deciding.
City Finance Director David (first name used in transcript) and Benjamin Sehy of METER Public Funds presented options July 15 for moving a portion of Highland’s cash reserves out of the state Public Treasurer’s Investment Fund (PTIF) into a separately managed, laddered portfolio that would buy short- to medium-term securities to stabilize interest income.
David told council Highland’s pooled cash balances have ranged between about $26 million and $30 million over the past eight months and include enterprise and other restricted reserves. He said staff’s goal is not to chase maximum…
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