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Commission authorizes treasurer to move up to $6 million into investments after Board of Finance briefing
Summary
After a Board of Finance review showing $220,000 in interest earned on current investments and more than $6 million available in the general fund, the commission approved moving up to $6 million into a laddered investment structure to increase interest earnings; vote recorded with one abstention.
At 8:15 p.m. the commission convened as the Board of Finance. Chief Deputy Treasurer Layle Sanchez reported that current investments had earned $220,000 in interest and that more than $6 million in the general fund could be placed into investments to earn additional interest.
Sanchez described a laddered approach so investments mature at staggered intervals to preserve liquidity and avoid penalties for needed access to funds. After returning to open session, Commissioner Tina Dixon moved to permit the Treasurer to transfer up to $6 million from the general fund into investment accounts; Commissioner Roy Lee Criswell seconded. The motion passed by roll-call vote: Grider-Yes; Criswell-Yes; Dixon-Yes; Parker-Abstain; Munoz-Yes.
The action authorizes the Treasurer to move funds subject to maintaining liquidity through laddered maturities; the commission did not specify exact investment instruments at this meeting.
