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Stafford council approves new account with Texas CLASS to diversify $40 million portfolio
Summary
Council voted to open an account with Texas CLASS, a government investment pool, and to move a portion of the city's pooled funds to diversify holdings; staff said roughly $15 million could be shifted from the city's existing pool to Texas CLASS.
The Stafford City Council on April 16 approved creating an account with Texas CLASS, a local-government investment pool, as part of a plan to diversify the city's investment portfolio.
Finance staff told council the city's total investment portfolio is about $40 million; roughly 60% was currently invested in a single government pool (referred to in the meeting as "LOGIC"). The finance director said staff recommended moving about half of that LOGIC holding — roughly $15 million — into Texas CLASS to reduce concentration risk while maintaining…
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