Sandoval County treasurer: 2025 tax roll processed; portfolio positioned for lower short-term rates

Treasurer Taylor told the Sandoval County commission at a Nov. 5 quarterly meeting that the county processed its 2025 tax roll on Oct. 1 and that "202,790,000.00 was charged to the treasurer to collect for the 2025 taxes." The treasurer provided a snapshot of reserves and operating accounts, saying the general fund was about $44,900,000 and the tax payment account roughly $7,000,000; total UMB Bank balances were presented as about $63,500,000. Smaller accounts included a Wells Fargo account (~$60,000), Hemez Valley Credit Union (~$153,400) and Century Bank (~$5,000,000).

The county reported collecting roughly $7,400,000 in gross receipts tax so far this fiscal year but noted quarterly declines linked to reduced construction activity. Holly Aguilar, joining by Zoom, said the county was 97.7% collected on the 2024 tax roll and 99.34% collected over 10 years at the end of 2024. Aguilar also reviewed the county's debt schedule, reporting $62,700,000 in principal outstanding, $21,000,000 in interest and total debt of $83,700,000.

Investment totals presented to commissioners included $3,300,000 invested in local government investment pools (LGIPs) and $56,300,000 held at Zions for a total reported investment portfolio of $59,700,000. Taylor said the county had earned "over $2,100,000" in interest on interest-bearing accounts at UMB Bank year-to-date.

Outside advisor Government Portfolio Advisors (GPA) reviewed strategy and market outlook. Deann Woodring of GPA said the portfolio is "overweighted to US Treasury securities" and described the county's core investment account (about $55,000,000) as ending the quarter yielding about 3.63%. Woodring noted a book yield across assets near 3.95 and unrealized gains of approximately $238,000, and said short-term rates have begun to decline following a recent Federal Reserve cut. "I'm excited about that number," she said, referring to the book yield.

Woodring summarized portfolio constraints set by county policy: a maximum allowable maturity of 10 years, with most holdings under five years and a weighted-average maturity of about 1.1 years. She said the strategy emphasizes liquidity for operations while using longer-duration instruments selectively to lock in yields as appropriate.

Commissioners asked for clarification about the county's economic-development investment component and how funds were being allocated; Taylor said the treasurer's office coordinates with the finance director and economic development director to plan deployments and that some funds may not be available for 2–5 years depending on project payout schedules.

There were no formal votes recorded on investment policy at the meeting. The treasurer and advisory team said they will continue to monitor interest-rate movements and report updates to the commission at future meetings.