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Council re‑adopts investment policy, affirms $3 million minimum in local CDs
Summary
Council unanimously readopted the city’s investment policy required by ORS 294.135, affirmed keeping at least $3 million in local‑bank certificates of deposit, and voted to retain the existing corporate issuer list after discussion of tradeoffs.
The Grants Pass City Council on April 6 readopted the municipal investment policy required under ORS 294.135 and gave staff direction on local CD holdings and the corporate issuer list used by the city’s investment advisor.
JC, the city’s investment officer, said the city had earned about $6.7 million in interest in 2023 and expected roughly $4.5 million for the current year (about $3.4 million realized so far). He noted the city’s contract with Government Portfolio Advisors remains in place and that a standing direction from 2022 is to maintain at least $3 million in local bank CDs; staff reported $3 million currently invested with Rogue Credit Union.
Councilors discussed the tradeoffs of stricter social screens on the corporate list versus portfolio performance and agreed by motion to retain the existing corporate issuer list as allowed under state statutes. Council also unanimously directed staff to retain the $3 million minimum in local CDs and to use staggered maturities and competitive quoting when CDs mature.
Council asked staff to arrange a workshop if members want a deeper review of the corporate list and to have advisors present practical implications of excluding issuers.
