Bastrop to establish Investment Committee

The city of Bastrop is establishing an Investment Committee to provide “professional oversight and prudent management” of its public funds, according to city documents.

The details

During a Dec. 9 meeting, Bastrop Finance Director Judy Sandroussi told Bastrop City Council the Investment Committee will be responsible for the following:

• Meeting on a quarterly basis to review portfolio performance, risk exposures and compliance
• Identifying, assessing and monitoring risks, such as credit risk, market risk, liquidity risk and concentration risk
• Monitoring, reviewing and making recommendations regarding investment policy to Bastrop City Council
• Confirming compliance with state laws, local ordinances and internal procedures
• Approving and denying investment transactions when required
• Reviewing quarterly investment reports before submission to Bastrop City Council

Zooming in

The Investment Committee will include:

• Bastrop City Manager Sylvia Carrillo-Trevino (voting member)
• Bastrop Assistant City Manager Andres Rosales (voting member)
• Sandroussi (voting member)
• Place 1 council member Perry Lowe (voting member)
• Place 4 council member Kevin Plunkett (voting member)
• Investment consultant firm Meeder Public Funds (non-voting advisor)
• Bastrop’s city attorney (non-voting advisor)

“This structure works for the city of Bastrop by providing strong financial oversight through senior staff, public accountability via council members and professional expertise via an independent expert,” Sandroussi said.

Notable quote

“There are things that we can do as a municipality that are perfectly legal and not risky,” Carrillo-Trevino said during the meeting. “If we time [our investments] properly, we can benefit from additional interest and income.”