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Edinburg finance director reports quarterly investment yields; says ARPA disbursement received
Summary
Interim finance director Flor Seguin presented quarterly investment highlights—TexPool and Texas National Bank holdings with yields of 2.03%, 3.51% and 4.45% across reported quarters—and confirmed the city received the second and final ARPA disbursement; council asked about transferring ARPA funds into investment accounts.
Interim Finance Director Flor Seguin presented the highlights of the city's investment reports for the quarters ending Sept. 30, 2022; Dec. 31, 2022; and March 31, 2023. Seguin said the city's investments were primarily in TexPool and Texas National Bank and reported quarterly yields of about 2.03% (fourth quarter), 3.51% (first quarter) and 4.45% (second quarter), with quarter-ending balances of roughly $153 million, $143,649,488 and just over $150 million, respectively.
During a follow-up exchange, a council member asked whether the ARPA balance reflected in the March 31 report was the final disbursement. Seguin replied that the second and last ARPA disbursement had been received and explained the planned timing for transferring those funds into the investment account: "On September, we received the second and last, disbursement." When asked whether the $9,700,000 balance on the March 31 report represented those funds, Seguin said the funds had been received and were to be transferred in the next quarter.
Seguin said the city will present investment reports on a quarterly basis going forward. Council members asked that mid-year appropriations and the timing of any transfers be brought to a future meeting so members can consider potential budget amendments.
Why it matters: Quarterly investment performance and the treatment of ARPA funds affect the city’s short-term revenue management and budgeting decisions. Council requested clearer transfer and appropriation timing ahead of further funding decisions.
