GPA reports $105.7M county portfolio, ARPA liquidation; $2.1M moved for Project Ranger internal loan

Frank McDonnell of Great Plains Advisors presented Sandoval County's quarterly investment report to the Board of Finance, giving a high-level summary of market conditions, portfolio compliance and performance. McDonnell reported the total portfolio market value at approximately $105.7 million at quarter end and a portfolio book yield of 3.93%.

McDonnell and colleague Diane Woodward reviewed market trends, Fed-rate expectations and portfolio characteristics. McDonnell said current Fed funds expectations and market-implied rates pointed to an expectation of at least a 25-basis-point easing by year end. He also summarized that portfolio constraints were in compliance across accounts at quarter end.

GPA reported the county held about $60.6 million in Zions and local government investment pools (LGIPs). The advisors said they liquidated the remaining $6 million in ARPA funds and returned those proceeds to the county; the treasurer's office reported those funds have been encumbered and are being dispersed.

Woodward said the economic and development portfolio historically balances liquidity and investment components and reported a transaction on July 31 that pulled approximately $2.1 million from that fund to make an investment in property identified as "Project Ranger." McDonnell told Commissioner Jones the transaction was set up as an internal loan for Project Ranger.

McDonnell also summarized book income figures: fiscal-year book income for 2024 was about $4.17 million and for fiscal-year 2025 about $4.3 million, an increase of roughly $150,000. He noted the portfolio decreased in market value from roughly $119 million a year earlier to about $100–106 million as expected given funding needs.