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Sandoval County negotiates higher bank rate, plans money-market sweep as portfolio yields rise
Summary
At the county's quarterly investment meeting, treasurer's staff described negotiations with UMB to raise a deposit rate near 3%, plans to open a money-market sweep reported to DFA as cash, and a GPA portfolio review showing a roughly $105 million portfolio yielding about 3.33% this quarter.
Treasurer Taylor told the Sandoval County Investment Committee that the treasurer's office has earned more than $1.4 million in interest year to date and has been negotiating with UMB Bank to increase a deposit rate from 2.75% to about 3%, pending contract language on how long that rate can be held.
The matter matters because, Taylor said, higher short-term yields improve earnings on the county's cash balances. "We have earned a total of over $1,400,000 since the beginning of 20 26," Taylor said, and the office is awaiting legal review of an addendum that will specify the term of the higher rate before it becomes final.
Chief Deputy Treasurer Jessica McPartland said the treasurer's office has also arranged to open a money-market sweep account to increase yield on operating cash. "Stephanie Ortiz with DFA got back to us and reassured us that we are going to be able to report our money market as cash and not as an investment because it is a sweeping account," McPartland said, describing conversations with the state Department of Finance and Administration about accounting treatment.
GPA portfolio manager Diane Woodring delivered a market and portfolio update, saying markets have been "surprisingly calm" despite geopolitical events and that the firm is maintaining a conservative portfolio duration of roughly two years. Woodring reported the county's total investable balances are about $105,000,000 across U.S. Treasuries, agency securities, bank deposits and the local government investment pool, with a weighted-average maturity near 1.2 years and a current portfolio yield near 3.33%.
Woodring said the portfolio is positioned to prioritize stability and liquidity: "We're not getting, chasing anything," she said, adding that once bank deposit yields increase the overall portfolio return should move toward market levels near 3.5%.
The committee discussed next steps for banking services: Treasurer Taylor reiterated the office plans to issue a request for proposals for banking services in August. No formal change to the investment policy was made at the meeting; Woodring said the compliance review and policy cycle remain on a two-year schedule.
The committee thanked staff and GPA for the work; Taylor said the office will send updates once the UMB contract addendum and money-market account details are finalized. The meeting adjourned with scheduling set for the next quarterly meeting in July.
