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Sandoval County committee approves amended investment policy; forwards measure to Board of Finance
Summary
The county committee approved updates to the investment policy after presentations on county cash balances, investment performance and liquidity; the committee voted to forward the amended policy to the County Commission acting as the Board of Finance in two weeks.
Sandoval County Treasurer Cherise Taylor's investment committee on Thursday approved an amended county investment policy and voted to forward the changes to the County Commission acting as the Board of Finance for consideration in two weeks.
The vote followed a multi-part presentation on county bank balances, recent interest earnings, portfolio structure and recommended policy language changes from the county's investment adviser. Treasurer Taylor said the committee unanimously approved the amended policy and will ask the full commission to act on it at its next meeting.
The committee heard a detailed briefing from the county's investment adviser about portfolio positioning and market conditions. The adviser said the county's portfolio is concentrated in short U.S. Treasury and agency securities and that the county is holding “a good balance between your cash balances and your investment balances.” He summarized the portfolio's current yield at roughly 3.92% year to date and said the portfolio's average maturity is about one year, a structure intended to preserve liquidity while capturing higher…
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