Carson City updates investment policy; Treasurer reports $6.6 million earned across portfolios in 12 months

Carson City's Treasurer delivered the required annual review of the city's Investment Policy, describing modest revisions to align policy language with Nevada Revised Statutes and best-practice guidance from the Government Investment Officers Association (GIOA) and the city's three investment advisors.

Treasurer Rasor said Nevada Revised Statutes (principally chapters in the 355 series) define permissible investments for government surplus funds and that municipal investment strategies differ from private investing. He described an evolving investment posture: when short-term interest rates were relatively high, the city favored short maturities; as markets shift, the Treasurer said the city is layering maturities toward five- to ten-year instruments to balance yield and duration.

When asked by the public how much the portfolio returned in the last 12 months, the Treasurer said the city realized about $6.6 million in interest across its investment portfolios (LGIP, government portfolio advisors and Buckhead Capital accounts).

Public comment included a request that staff ensure the scope of invested funds is appropriate and a suggestion to develop contingency plans for capital spending lines, such as refrigeration failures in the jail kitchen; staff said investments are intended to earn returns on funds while they await expenditure (for example, bond proceeds held for project construction).

Supervisor Giaomi moved to approve the policy revisions as presented. The motion was seconded and the Board voted unanimously to adopt the revised Investment Policy.