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Plano council adopts 2025 legislative program, adds request to amend Public Funds Investment Act
Summary
Council approved the city's 2025 legislative agenda and added language asking the state legislature to consider a "beneficial modification" to the Public Funds Investment Act to allow limited additional flexibility for longer-term city investments, while retaining security and liquidity safeguards.
The Plano City Council adopted the city's 2025 legislative program and voted to add language requesting a beneficial modification of the Texas Public Funds Investment Act (PFIA) to allow limited additional investment flexibility for part of the city's portfolio.
Andrew Fortune (speaker 10) presented the program and staff packet. A council member (speaker 6) argued that some five-year investment maturities might be better placed in index-like investments over a longer horizon and moved to add language asking the legislature to explore limited amendments to the PFIA. "I would like to include language requesting the beneficial amendment of the Public Funds Investment Act to provide greater flexibility to pursue returns while still adhering to sly principles," the council member said (paraphrased from the record).
City staff cautioned that the PFIA prioritizes security, liquidity and then yield, and that past losses in other jurisdictions have made the statute conservative. The council's motion to add the PFIA language and approve the legislative agenda carried at the meeting.
