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Board adopts annual investment report recommendations and list of qualified brokers
Summary
Dr. Johnston presented the annual investment report outlining the district's investment mix, including about $30 million in the LoanSTAR/LoneStar pool and approximately $80 million in total invested bond proceeds; the board voted to adopt the investment strategy and a list of qualified brokers by a 7–0 vote.
Dr. Johnston presented the district's annual investment report and reminded the board that investments must comply with the Public Funds Investment Act. He said the district emphasizes safety of principal, liquidity and diversity, and that investment officers are required to take training. "The investments in the state of Texas are dictated by the Public Funds Investment Act for cities, counties, and school districts," he said.
Dr. Johnston walked the board through the district's holdings and instruments: the district uses investment pools (notably LoanSTAR, TexPool and TexSTAR) for operating funds, and the bond proceeds were invested with PMA Asset Management (which he said is now called PTMA). He reported that of approximately $80,000,000 invested in the review period, the district earned about $5,200,000 in interest. "We actually ended up getting close to 5,200,000," he said, while explaining differences between pools and drawdown-style investments.
A board member moved to review and adopt the investment policy/strategies and to adopt the list of qualified brokers as presented on page 41 of the annual investment report. The motion was seconded; the board approved the motion with a vote recorded as 7–0. No dissent or abstentions were recorded in the meeting transcript.
