Sandoval County treasurer reports full staffing, plans change to letter-of-credit and details bank balances

Sandoval County Treasurer Taylor told the Investment Committee on the first quarterly meeting of 2026 that the treasurer’s office is now fully staffed and introduced a newly hired tax researcher, Angela Mento, who has completed new-employee orientation and is in the onboarding process.

Taylor reviewed the county’s collateral policy and a near-term change to the bank letter of credit used to fully collateralize deposits. "Our current LLC from UMB Bank is at a $160,000,000 which is set to expire on January 30," she said, adding that the office expects to revert to a $100,000,000 letter of credit for February and March to match normal operating levels after tax season collections.

Taylor also provided a bank‑by‑bank snapshot of cash: the general fund balance at UMB Bank was reported at approximately $38,700,000 and the tax payment account a little over $22,400,000, with total balances across county accounts reported at about $69,900,000. Other depository balances cited included Wells Fargo (~$63,400), Pemez Valley Credit Union (~$154,100), Bank of Albuquerque ($5,000 held for lockbox processing), and Century Bank (~$5,300,000). Taylor said the lockbox arrangement is used in high-collection periods.

The treasurer framed the LOC adjustment and balance management as part of the office’s fiduciary duty to keep county funds fully collateralized and to seek improved yields where feasible; she said the treasurer’s office will engage with UMB Bank on possible options to improve rates going forward.

The committee raised no substantive questions during this item, and the meeting proceeded to the investment update.