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Santa Fe County adopts PFM-backed six‑month investment strategy
Summary
The Board of County Commissioners unanimously approved a six‑month investment strategy recommended by Treasurer Monsinades and consultants from PFM/US Bank to rebalance the county portfolio away from callable bonds toward a managed, liquidity‑focused approach.
Santa Fe — The Santa Fe County Board of County Commissioners on April 28 approved a six‑month investment strategy developed by County Treasurer Monsinades with institutional manager PFM/US Bank.
Treasurer Monsinades and PFM representatives told the board their review of the county’s roughly $450 million portfolio showed a significant exposure to callable agency bonds that could subject the county to reinvestment risk. PFM recommended an actively managed, fiduciary model that prioritizes safety and liquidity while seeking improved total return through a portfolio mix of treasuries, agency mortgage‑backed securities and short‑term commercial paper.
“Safety one, liquidity two, and yield three,” Austin of PFM told commissioners during the presentation, summarizing the firm’s public‑sector approach. Christopher Harris, head of portfolio strategies, walked commissioners through a sample zero‑to‑five‑year portfolio that allocates a larger share to treasuries and high‑quality agency securities while aligning maturities to county cash flow needs.
Commissioners asked about day‑to‑day monitoring and communications; PFM said it would provide quarterly reporting, ad‑hoc updates and a regular economic briefing to keep county staff informed. Commissioner Adam Johnson, a member of the investment committee, supported the change, saying the institutional manager would add “a new class to our portfolio management.”
Chair Justin Green moved to approve the county treasurer’s six‑month investment strategy; the motion was seconded and passed unanimously. The board’s action authorizes Treasurer Monsinades to implement the institutional management model outlined during the presentation and to proceed with the consultant relationship and operational steps necessary to transition the portfolio.
