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Treasurer’s Office reviews quarterly investment results; Board approves Meeder and re‑approves investment policies
Summary
At the Dec. 19 meeting the Treasurer’s Office presented its quarterly investment report showing volatility-driven unrealized losses and flat LGIP returns; the Board approved Meeder Public Funds as an approved investment advisor and re‑approved the General Portfolio and LGIP policies unchanged.
The State Treasurer’s Office presented its quarterly investment report for the period ended Sept. 30, 2024, and the Board approved two administrative items: designation of Meeder Public Funds as an approved investment advisor and reapproval of the Treasurer’s investment policies dated July 2022.
Deputy Treasurer Steven Hale reviewed the investment report, noting the average daily balance was stable quarter over quarter while interest revenue fell from $98 million to $83 million largely because of unrealized losses during a period of rising rates; he described the change as volatility rather than a trend and reported LGIP returns of about 5.39% for the quarter. Hale discussed market expectations for the Federal Reserve, saying futures imply about two rate cuts next year rather than earlier, larger expectations. The Board then considered and unanimously approved a request to designate Meeder Public Funds as an approved investment advisor (pursuant to NRS 355.171) following Meeder’s acquisition of FHN Main Street. Finally, Hale reported no changes to the Treasury’s investment policies (General Portfolio and Local Government Investment Pool); Member Navarro moved approval and the board voted unanimously to reapprove the policies under NRS 355.045.
These items were informational or administrative in nature and received unanimous board support.
