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2024.05.21 PPFD Meeting Handouts from Matt Watkins
Matt Watkins From: Darcy Buckley Sent: Monday, May 20, 2024 9:48 AM To: Matt Watkins Cc: Veronica Perez Subject: Investments Hello, Matt. I know the board is interested in investing available funds. Knowing the topic may be mentioned again tomorrow, below is a link to a helpful article related to investments. https•//mrsc org/ex log re-topics/finance/policies/investment- olp icies Creating a comprehensive policy at this time poses two issues. First, both time and funds are tied up with construction and the variability that accompanies the start of a big venture. Second, the investment policy appropriate during operations may differ from the policy needed now. It would be good to discuss with Er- However, I think a suitable interim resolution would be board approval of investment in the State's Local Government Investment Pool (LGIP) until a more robust, formal policy can be created. As an example, the City invests "excess cash" at LGIP. Currently, because the federal rate is high, the LGIP rate is high. The net interest rate in March 2024 wa45.41, With notification of a day, funds can be invested and withdrawn easily. The minimum investment is $5,000. Should there be dollars invested over $10M, they request few days' notice to plan well for investment of funds. There is not a fixed maturity date. Interest is distributed monthly. �*■r. Thank you, Darcy 94,91,-7 C U,le-"-1— " �'`^(,L m X rr m oa 0 Qj 0_ D m r n m O (—D 3 CD C' :D 3 0 C) CL O CD O r+ m n n O1 3 C v+ J: T —i �o m � m o 7 < 3 a © < rD 3 CD � 1 - K O Cl. "W r+ m 3 a m '� (D m = 04 =)< w r cn r+ -u(7 E v, -v c - n' 0 fD m 3 m 3 0 c �'+ -. m N m 3' N;* :3 n O O D m m rD n 0 m 3 o fD o3 fD -, -O O O_ (DD n 3 3 _ n m r+f lD G O X rr m X rt m X rr m oa 0 Qj 0_ D m r n m O (—D 3 CD C' :D 3 0 C) CL O CD O r+ m n n O1 3 C v+ J: T � n 3 a © < rD 3 CD � D a, CLv m O K O Cl. "W r+ m 3 a m '� (D m = 04 - F-0 =3 r+ w r cn r+ -u(7 E v, -v c - n' 0 fD O 3 c Z3 `< m :31 O m -a 7 M a rD m F- K -o: 0 00 n 3 a © < rD 3 CD � D a, CLv m K O Q rr M K O Cl. "W r+ m 3 a m '� (D m = 04 - F-0 =3 r+ w r cn r+ -u(7 E v, -v c - n' 0 fD O 3 c Z3 `< m :31 m 0 00 -o D n O D D C n n m Z m "t7 O N rn n -v O O r r O C —I