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West Linn adopts updated investment policy; hires advisors to invest outside LGIP
Summary
Council approved an updated investment policy and heard advisors from Government Portfolio Advisers explain a plan to invest some city reserves outside the Local Government Investment Pool as balances near the LGIP cap; staff said an initial ~$10 million allocation to Treasury/agency securities is planned.
On March 17 the West Linn City Council approved an update to the city’s investment policy—the first substantive update in many years—and heard from retained advisors Government Portfolio Advisers (GPA) about a planned shift for a portion of the city’s reserves. Finance staff said the city is approaching the LGIP cap because of reserves and outstanding project debt (including a $12 million waterline bond), and the new policy will allow carefully selected investments outside the pool.
Lauren Breithaupt (Finance staff) introduced Dean Woodring (President, GPA) and Whitney Mayer (GPA). Woodring said GPA plans, contingent on policy adoption, to invest about $10 million in U.S. Treasury and agency securities to capture higher yields and diversify the portfolio. "The first step...we will be looking at investing about $10,000,000 in US treasury and agency securities," GPA said during the presentation. Councilors asked about risk controls and oversight; staff emphasized alignment with the Oregon Short Term Fund Board policy and annual review of the policy.
Council adopted the policy by motion and roll call. Staff said the move is intended to preserve principal while improving yield and to anticipate near‑term capital needs such as the operations center.
