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Committee discusses opioid-settlement portfolio, member suggests endowment option
Summary
Staff reported the opioid settlement portfolio at about $63 million and anticipated roughly $2 million annual income; an unidentified committee member proposed treating the funds as an endowment to preserve principal and support prevention programs.
Staff reported that the county's opioid settlement portfolio totaled just over $63,000,000 at the end of the first quarter, with a weighted-average maturity of about 2.37 years and an estimated 12-month income near $2,000,000.
During discussion, an unidentified committee member suggested converting the funds into an endowment so the principal would be preserved and the annual income used for opioid prevention and related programs. "If we have 60,000,000 and it's making $2,000,000 a year, well, we could turn it into an endowment and not spend it down and have $2,000,000 a year," the member said. Staff noted public-sector spend policies and potential percent limits would require review before taking such a step.
The committee did not adopt an endowment; members asked staff to note the idea for future consideration. Separately, staff announced work with banks and county departments on using link-deposit tools for housing and small-business products and said an RFP for investment-advisory services is in the field with responses due in May.
