Rio Rancho investment board adopts amended policy, declines near‑term additions to permanent fund
May 29, 2024 | Rio Rancho, Sandoval County, New Mexico
This article was created by AI summarizing key points discussed. AI makes mistakes, so for full details and context, please refer to the video of the full meeting. Please report any errors so we can fix them. Report an error »
The Rio Rancho Investment Advisory Board voted May 29 to adopt an amended investment policy and to follow staff’s recommendation not to add additional revenue to the permanent fund at this time.
On the amended investment policy, staff summarized redline changes that mostly reflected formatting, alignment with state statute and the addition of supranational securities newly authorized in statute. Member McCray moved to approve the amended investment policy; after a roll‑call vote the board adopted the policy (Member Baker: yes; Member Billups: yes; Member McCray: yes; Chair Wainwright: yes; Member Daniel: absent).
On the question of additional contributions to the permanent fund, staff presented the city’s five‑year general fund forecast and reserve projection and recommended against adding more revenue into the permanent fund right now because reserves are near the city’s 25% target and capital cost escalation (for example, a widening project estimate rose from $16,000,000 to $25,000,000) reduces available flexibility. Staff noted the state minimum reserve requirement of 8.3% but described the city’s 25% target as more prudent.
Member Billups moved to follow staff’s recommendation not to add revenue; Member Baker seconded. The board approved the motion by roll call (Baker: yes; Billups: yes; McCray: yes; Chair Wainwright: yes) and the motion carried.
Votes at a glance:
- Consent calendar (approval of Feb. 28, 2024 minutes): approved by roll call (Billups: yes; Baker: yes; McCray: yes; Chair Wainwright: yes; DeBloski: absent).
- Amended investment policy: approved by roll call (Baker: yes; Billups: yes; McCray: yes; Chair Wainwright: yes; Daniel: absent).
- Recommendation on additional revenue contributions to permanent fund: board voted to not recommend adding revenue (Baker: yes; Billups: yes; McCray: yes; Chair Wainwright: yes).
WHAT’S NEXT: Board members asked staff to provide the joint powers agreement and related contracts with the State Investment Council and the firms managing the permanent and core funds. The board also scheduled preliminary discussion of potential uses of interest earnings for the August meeting and a fuller discussion in November.
On the amended investment policy, staff summarized redline changes that mostly reflected formatting, alignment with state statute and the addition of supranational securities newly authorized in statute. Member McCray moved to approve the amended investment policy; after a roll‑call vote the board adopted the policy (Member Baker: yes; Member Billups: yes; Member McCray: yes; Chair Wainwright: yes; Member Daniel: absent).
On the question of additional contributions to the permanent fund, staff presented the city’s five‑year general fund forecast and reserve projection and recommended against adding more revenue into the permanent fund right now because reserves are near the city’s 25% target and capital cost escalation (for example, a widening project estimate rose from $16,000,000 to $25,000,000) reduces available flexibility. Staff noted the state minimum reserve requirement of 8.3% but described the city’s 25% target as more prudent.
Member Billups moved to follow staff’s recommendation not to add revenue; Member Baker seconded. The board approved the motion by roll call (Baker: yes; Billups: yes; McCray: yes; Chair Wainwright: yes) and the motion carried.
Votes at a glance:
- Consent calendar (approval of Feb. 28, 2024 minutes): approved by roll call (Billups: yes; Baker: yes; McCray: yes; Chair Wainwright: yes; DeBloski: absent).
- Amended investment policy: approved by roll call (Baker: yes; Billups: yes; McCray: yes; Chair Wainwright: yes; Daniel: absent).
- Recommendation on additional revenue contributions to permanent fund: board voted to not recommend adding revenue (Baker: yes; Billups: yes; McCray: yes; Chair Wainwright: yes).
WHAT’S NEXT: Board members asked staff to provide the joint powers agreement and related contracts with the State Investment Council and the firms managing the permanent and core funds. The board also scheduled preliminary discussion of potential uses of interest earnings for the August meeting and a fuller discussion in November.
Don't Miss a Word: See the Full Meeting!
Go beyond summaries. Unlock every video, transcript, and key insight with a Founder Membership.
✓
Get instant access to full meeting videos
✓
Search and clip any phrase from complete transcripts
✓
Receive AI-powered summaries & custom alerts
✓
Enjoy lifetime, unrestricted access to government data
30-day money-back guarantee
