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Newport finance caucus: investment adviser and finance director outline controls, portfolios and audit items
Summary
At a Nov. 3 caucus following the special meeting, Red Tree Investments and Finance Director Lenny briefed the Board on city investment portfolios, internal controls and recent audit adjustments; commissioners asked about liquidity, vendor/credit-card controls, payroll and a $1.2M TIF accrual found in audit work.
The Newport Board of Commissioners heard a finance briefing Nov. 3 after the special-meeting votes. Joe Voyland of Red Tree Investments, introduced as the city's investment adviser, reviewed the firm's work with Newport (engaged July 2024), explained custody arrangements (US Bank as third-party custodian) and summarized three portfolios Red Tree manages: operating/reserve funds (about $10.5 million, average yield just over 4%), 2024 debt proceeds (a little over $4 million remaining from a 2024 bond issue for the parking garage) and older 2021 debt proceeds…
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