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Carson City adopts updated investment policy; Treasurer reports $235.3 million portfolio
Summary
The Board unanimously adopted the treasurer's annual investment policy after a brief presentation by Carson City Treasurer Andrew Razor, who reported a $235,263,825 portfolio and reduced allowable allocation to negotiable and nonnegotiable CDs to 10% each.
Carson City’s Board of Supervisors unanimously adopted the treasurer’s annual investment policy after a short presentation by Treasurer Andrew Razor.
Razor, who introduced himself as Carson City Treasurer, said the policy required by the city charter saw only minor changes from last year. "If there was any change that was kind of significant, it would have been in section 4.6…we went from 30% for negotiable to 10%, and then from nonnegotiable from 20% to 10%," Razor said, describing tighter diversification parameters for certificates of deposit.
Razor also summarized the city’s investment holdings as of Dec. 31, reporting a total portfolio of $235,263,825 distributed among the Local Government Investment Pool (LGIP) and strategic funds managed by third parties. He told the board recent interest‑rate increases have produced higher investment earnings and that maturities in strategic accounts have been rolled over rather than liquidated for city construction needs.
The board offered no questions; Supervisor (Speaker 5) moved to approve the investment policy as presented and the motion passed unanimously.
Why it matters: The investment policy sets allowable investment vehicles and diversification limits that guide how the treasurer manages surplus public funds; Razor’s report indicates the city has substantial invested assets and is realizing yield benefits from recent market conditions.
