Sandoval County committee approves amended investment policy; forwards measure to Board of Finance

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 yields generated since 2022. "I'm sleeping well at night," the adviser said of the county's portfolio positioning.

Committee members discussed procedural issues before the vote. The meeting began without a full slate of members; several named members were absent and the treasurer asked for roll-call confirmation. County Manager Johnson confirmed a quorum after Director Cassandra Herrera joined the meeting by phone, and the committee re-took votes on the agenda and minutes to ensure actions were valid now that a quorum was present.

Key figures presented to the committee included general fund, tax and bank balances: New Mexico Bank & Trust general fund $47,400,000, tax payment account $7,900,000 and total county deposit balances reported at $65,600,000; a Wells Fargo deposit of $49,100; a reported Hemis Valley Credit Union account of about $151,300; and Century Bank at $3,600,000. The treasurer reported the county earned more than $668,600 in interest on interest-bearing accounts since January 2025. The county also reported $3,200,000 invested in the State Treasurer's LGIP and about $62,100,000 invested through GPA; a CD of $535,000 matured and $546,994 was moved into the county's Cash Core account at Zions Bank.

The treasurer's office also updated the committee on other finance items discussed earlier in the meeting: a junior county treasurer program expanded in 2025 to four high-school participants with applications and essays due May 16; the county's first delinquent tax auction of 2025 held March 26 sold 14 of 50 accounts and raised a total of $415,700; and a monthly renewed letter of credit of $100,000,000 is being received and held in the treasurer's safe.

Separately, county staff summarized recent state legislation affecting property tax exemptions. A staff member noted House Bill 47, signed by the governor on March 20, 2025, increases the veteran property tax exemption from $4,000 to $10,000, adjusts the exemption for inflation annually beginning in 2026, and implements a partial disability exemption that takes effect January 2026.

Votes at the meeting were recorded by roll call. The following members voted yes on the amended investment policy and to forward it to the County Commission acting as the Board of Finance: Treasurer Cherise Taylor; Treasury Operations Manager Holly Aguilar; Member Christopher Daniel; Director Cassandra Herrera; and County Manager Johnson. The committee also re-approved the meeting agenda and the Feb. 4, 2025 meeting minutes after confirming a quorum.

The treasurer said the amended policy includes housekeeping changes, a reordered list of allowable securities by liquidity and risk, an added maturity-constraint table (including an operational target keeping most holdings under five years while allowing certain securities to 10 years per statute), and a note that federally insured deposit products are allowable under state statute. The committee's adviser recommended retaining the "prudent person" standard in the policy while noting the adviser is held to the higher prudent investor standard.

The committee did not adopt any new long-term investments or change existing risk limits at the meeting. The committee chair closed the meeting after taking the votes and said the amended policy will be placed before the county commission as the Board of Finance in two weeks.