Longmont hires GPA, updates investment policy and asks staff to explore values‑based criteria

The Longmont City Council adopted a revised investment policy and affirmed a new advisory relationship with Government Portfolio Advisors (GPA), which presented a set of portfolio and policy recommendations.

Theresa Malloy, the city’s chief financial officer, introduced GPA representatives Deian Woodring and Mitch Heni, who recommended moving roughly $30 million from overnight liquidity into longer‑dated, benchmarked investments, consolidating several cash pools, adopting a 0–5 year U.S. Treasury benchmark and tightening concentration limits (bringing corporate and commercial paper targets to about 25%). GPA said the changes should increase portfolio yield while keeping safety and liquidity priorities intact. They also recommended quarterly reporting and a move to third‑party custodial safekeeping.

Council Member Marcy moved adoption of the revised policy and directed staff, GPA and the city attorney to return with options for adding a fourth investment objective to allow council priorities such as sustainability and equity to be considered — explicitly preserving safety, liquidity and return as the primary objectives. That direction passed 5–2. Council Members Chris and Prietto/Council Member listed in opposition voiced concern about adding operational constraints and about the timing of any values‑based screen.

The policy now in place will govern reinvestment and duration targets; staff and GPA will return with concrete options and legal analysis on how to incorporate additional nonfinancial criteria without compromising fiduciary duties.