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Parish investments at $23–24M; officials propose short-term instruments after January tax inflows
Summary
Mr. White said parish investments were between $23–24 million and expected another $10 million before month-end; he recommended considering commercial paper and short-term allocations for funds not needed over 6–9 months, and noted LAMP and METER returns around 4%.
Mister White updated the committee on the parish’s investment balances and short-term strategy. He reported that, as of last week, investments stood between $23 and $24 million and that the parish would likely receive another $10 million before month-end and a larger property-tax inflow in January, which together would put January property-tax receipts around $115–120 million. "What we have in meter is about 4.12%...the LAMP rate is just a shade over 4%," he said.
White said he consulted the parish investment adviser and suggested setting aside funds the parish will not need for 6–9 months in short-term commercial paper to earn higher yields within legal investment rules. Committee members asked whether the parish uses a fixed formula to allocate incoming property-tax revenue to different accounts; White said allocations will be considered after the January receipts are confirmed.
