The Bernalillo County Board of Finance voted unanimously Nov. 18 to give advice and consent to the treasurer's proposed quarterly investment strategy after a briefing from the treasurer's office and external portfolio advisers.

Treasurer Eichenberg opened the presentation and handed the detailed financial report to Ryan of the treasurer's office and to Diane of GPA, the portfolio adviser. Diane said the proposed change would lower the target range for the core component of the county's portfolio to $350 million on the low end and $450 million on the high end. "That results in discipline for the investment program," Diane said, adding that any increase above that range would require review by the finance committee and the board.

The nut graf: officials said the adjustment is meant to preserve liquidity for operating needs as overall portfolio balances decline, partly because county-held balances have been drawn down for ARPA-funded infrastructure projects.

Ryan summarized the county's investment principles as "safety, liquidity, then yield," and reported the county ended Sept. 30 with approximately $624.2 million in portfolio balances. He told the board that all county accounts met the state collateral requirement and described that the county was carrying a small uninsured exposure in the event of an extreme bank failure. "We're not chasing yield," Ryan said, describing a conservative posture focused on paying bills and preserving cash flows.

Diane described the portfolio's current allocation, saying the core portfolio is overweighted toward U.S. Treasury securities (about 40% of core) and agencies (about 52%) and that the adviser had previously shifted away from supranationals when spreads tightened. She also described a liquidity-maturity plan that funds three to six months of known liabilities in the cash-mash portfolio and reinvests maturities into the core as appropriate.

Ryan highlighted a Local Community Impact Initiative (LCII): a $5 million deposit placed with a local financial institution intended to spur economic development. He said the LCII is reviewed annually and that the investment committee and board would review any expansion to other banks.

On policy and reporting, Ryan said the treasurer's office expects to deliver a final investment policy update to the board in February 2026. The board voted, with a second from Commissioner Baca, to give advice and consent to the proposed quarterly strategy; the motion passed 5-0.

The board asked about operational risk from the portfolio change. Deputy County Manager Shirley Reagan said much of the previous core balance was ARPA funds tied to infrastructure projects that are now moving from design to construction and that the administration is focused on spending ARPA funds on a reimbursement basis. She reported, by the September report, roughly 73% of approximately $132 million in ARPA funds had been expended and said the county is working to expend remaining funds by Dec. 31, 2026.

The meeting record shows no amendment to the investment strategy during the session. The next Board of Finance meeting will be scheduled when the calendar is finalized and the meeting adjourned.