Eloy City Council Meeting - August 24, 2026

The Eloy City Council met on Monday, August 24, 2026, at 6:00 PM in the City Council Chambers. The meeting included reports from council members about recent conferences, approval of the consent agenda, and a presentation on the city's investment portfolio. No public comments were made. The meeting adjourned after the business item.

Reports and Announcements

• Mayor’s Announcements: Mayor Sutton reported on the Arizona League of Cities and Towns annual conference, noting a conversation about water use and data centers. He stated that a farm field with crops may use between five and ten times the water of a modern data center with a closed-loop system, while a neighborhood uses about three-quarters of that data center's water. He also highlighted the trade-off between water and power depending on data center technology.
• Council Members’ Announcements: Vice Mayor Tarango and Councilmember Galindo attended the ASU 2026 Summer Policy Retreat on water and housing. Vice Mayor Tarango emphasized that growth should pay for itself and that data centers should pay for their own power. Councilmember Galindo noted that data centers were originally intended for repurposing abandoned big-box stores but have expanded, and she stressed the need for advocacy on water rights. Councilmember Snyder shared insights from the conference, including the history of data centers in Arizona tied to power infrastructure built during the housing boom, and noted that many land acquisitions for data centers are speculative.
• City Manager’s Announcements: The City Manager announced a free Movie Under the Stars event on August 29 at 7:30 PM at Jones Park (Michael Jackson film), a community yard sale on September 5 from 6 AM to 12 PM at Main Street Park, and the availability of sandbags for monsoon season at the public works facility (limit six per household).

Consent Calendar

The consent agenda was approved unanimously by roll call vote (Councilmembers Galindo, Garcia, Curtis, Snyder, Vice Mayor Tarango, and Mayor Sutton all voting yes). Items included:

• Approval of minutes from August 10, 2026.
• Resolutions correcting scrivener’s errors in Resolution No. 25-1616 (wastewater rate notice), Resolution No. 25-1617 (potable water rate notice), Resolution No. 25-1621 (grant for SCBA/equipment washer), and Resolution No. 25-1631 (conditional use permit for outdoor storage).
• Ordinance 26-1005 authorizing the City Attorney and City Clerk to correct scrivener’s errors in city code, ordinances, resolutions, and minutes.

Business: Investment Portfolio Presentation

Annette Gaston of PFM Asset Management presented the city’s investment portfolio as of June 30, 2026. Key details:

• Market value exceeded $35 million, with a growth of $163,000 from the first quarter.
• Unrealized loss of $203,000 was attributed to market movement (point-in-time); the realized gain for the quarter was $15,500.
• Portfolio is 100% in U.S. Treasuries with a yield at cost of 3.91% and a market yield of 4.16%.
• Accrual basis earnings for the quarter (April 1–June 30) were $359,000.
• Economic update: Domestic growth strong, potential headwinds from energy shocks and geopolitical uncertainty; Federal Reserve left policy rates unchanged (target range 3.5%–3.75%). Inflation around 3%, with a slight drop in CPI (one-tenth of a percent). Labor market balanced.
• In Q&A, Councilmember Curtis asked about the unrealized loss; Ms. Gaston clarified it was not a concern. Councilmember Snyder inquired about rate differences between money market funds and Treasuries, and the possibility of future rate hikes. Ms. Gaston noted that a rate hike (25 basis points) in December was a 50-50 possibility, but recent CPI data had reduced expectations for September.

Key Outcomes

• Consent agenda approved unanimously.
• The investment portfolio presentation was received; no formal action was taken.
• The meeting adjourned by unanimous voice vote.