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Commission approves county investment advisor's recommendations for short-term purchases
Summary
A unanimous vote approved the county investment advisor's recommendations to reinvest maturing securities and pursue short callable agency purchases to improve yield while retaining liquidity, following a market outlook presentation from Mr. McIntyre.
The board voted unanimously to implement the County Investment Advisor's recommendations after a briefing on current market conditions and the county portfolio.
"This is one of the Fed meetings where it's the 2nd for the new chair... the memorandum of understanding seems to have unraveled at least for the time being, and that's pushed energy prices back up," Mr. McIntyre said, explaining the case for modest purchases that lengthen yield while keeping liquidity. He recommended a mix of one-year and callable agency purchases to capture higher yields without overextending duration.
Commissioner Zimbauer moved that the board implement the advisor's recommendations and direct the clerk to implement them; the motion passed unanimously. Chair (speaker 1) thanked the advisor for his report and the board commended staff for the presentation and analysis. The measure was approved as a formal board action and staff will proceed with the purchases described in the investment presentation.
