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Record of Proceedings

Investment Advisory Board Meeting Summary - May 28, 2025

Meeting Portal — Wednesday, May 28, 2025
BodyRio Rancho, New Mexico
SessionMeeting Portal
DateWednesday, May 28, 2025
StatusFILED
Video Record
0:00 / 45:00

Original source
Transcript — VerbatimClick a timed line to jump · ⧉ to share it
0:00

Hello.

0:01

Oh about his craft.

0:45

Right.

0:46

Good evening.

0:47

Uh, let's call to order this meeting of the City Rear Rancho Investment Advisory Board.

0:53

Um, I guess we start with a pledge of allegiance.

1:00

I pledge allegiance to the flag of the United States of America.

1:05

And two other stands.

1:08

One nation undergo indivisible with liberty and justice for all.

1:15

Thank you.

1:20

Next, uh, please silence all electronic devices while attending the investment advisory board meeting.

1:26

For the record, I will announce the names of the board members.

1:29

When I say your name, please acknowledge your presence by saying present.

1:33

Member Billet.

1:34

Present.

1:49

Next on the agenda approval of the February twenty fifth, twenty twenty-five regular meeting.

2:00

This doesn't say minutes, but I think that's what we're approving.

2:04

Um is there a motion to approve?

2:08

Mr.

2:08

Chairman, I reviewed.

2:10

Um, I make a motion to approve.

2:11

Member Bills.

2:14

And second reviewed and second.

2:16

Roll call vote.

2:19

Thank you, Chair.

2:22

Uh member Bill Ups.

2:24

I Chair Wainwright.

2:28

Yes.

2:28

And Member Jablinski.

2:32

Thank you.

2:33

The consent calendar is approved.

2:37

Good deal.

2:38

Next on the agenda is on to the review of the Rear Rancho Permanent Fund.

2:45

And I believe that's PFM asset management.

2:50

Thank you all.

2:51

Good evening.

2:52

Hi Mallory.

2:54

Hi there.

2:55

Um, could someone enable screen sharing and I will go ahead and pull the report up for you guys.

3:11

Whoever is assigned as the host, I believe, has to do that.

3:18

Oh, there we go.

3:20

All right.

3:23

So I believe you should be able to see everything as usual.

3:27

I will provide a brief market update, then we'll go over performance of the portfolio.

3:33

I'm happy to answer any questions you may have.

3:38

We we don't have those on our our screen.

3:40

I see it up on this screen, but I don't see them on our personal screens.

3:44

Those are too hard to read.

5:33

We're having technical difficulties, Mallory.

5:35

Sorry, bear with us.

5:37

No worries.

5:38

I have all night.

5:41

Okay, I think we have it all set now.

5:43

Thank you.

5:44

Oh, I'm so glad.

5:46

And you are whoever said it is accurate.

5:48

These numbers are so small, and there's a lot on here.

5:51

Um, and so I'm glad you're able to see it on your personal screens.

5:54

We'll touch just briefly on what's happened with the markets.

5:58

It has been a very interesting quarter, and even the these figures are as of the end of March, and even kind of looking forward through April, of course, was also interesting.

Discussion Breakdown — Share of Meeting
Fiscal Sustainability████████████████████████████████████36%
Technology and Innovation████████████████████████24%
Economic Development████████████████████████24%
Procedural████████8%
Budget Equity Analysis████████8%
Summary of Proceedings

Investment Advisory Board Meeting Summary - May 28, 2025

The Investment Advisory Board of Rio Rancho met on May 28, 2025, at 6:00 PM in the City Council Chambers. The meeting was called to order at 6:02 PM by Chair Kelly Wainwright and adjourned at 6:45 PM. Board members present: Van Billops (District 1), Chandra McCray (District 5, arrived 6:07 PM), Kelly Wainwright (District 6), David Jablonski (At-Large). Absent: Ron Baker (District 4). Staff present: Carole Jaramillo (Director of Financial Services), Noel Davis (City Clerk). Special guests: Mallory Sampson (PFM Asset Management) and Deanne Woodring (GPA). The board reviewed permanent fund and core/liquidity portfolio performance and decided against transferring additional revenue to the permanent fund.

Consent Calendar

  • Approved the February 25, 2025, meeting minutes. Motion by Van Billops, seconded by David Jablonski. The motion carried by a vote of 3 FOR and 0 AGAINST (McCray absent, Baker absent).

Public Comments & Testimony

  • No members of the public registered to speak.

Discussion Items

  • Review and Input on the Permanent Fund Performance: Mallory Sampson (PFM Asset Management) presented a market update. Key economic data: U.S. real GDP grew at a seasonally adjusted annualized rate of 2.4% in Q4 2024, decelerating from 3.1% in Q3. The unemployment rate rose to 4.2% in March, remaining in a stable range of 4.0%–4.2%. Initial jobless claims ticked higher to 2.2k in March. Headline CPI (year-over-year) was 2.8% in February, down from 2.9% in December; core CPI was 3.1%, the lowest since April 2021. The Federal Reserve held rates flat, with projections of two quarter-point cuts by end of 2025. On April 2, 2025, President Trump announced a 10% tariff on all imports, with steeper tariffs on over 60 countries effective April 9. The Permanent Fund’s market value was $13.8 million as of March 31, 2025. Year-to-date performance was slightly negative; one-year return was 6.13%; since inception (January 2023) return was 11.69%. Domestic equity was a drag, while international equity was a bright spot due to a weakening U.S. dollar. The portfolio is a 60/40 equity/fixed income allocation. Changes to the investment policy statement (small cap fund change) are in process.
  • Review and Input on the Core and Liquidity Portfolios Performance: Deanne Woodring (GPA) presented. The markets experienced significant volatility in Q1 2025 due to policy uncertainty (tariffs, taxes, deportations). The city’s portfolio strategy emphasizes discipline and diversification. The overall book yield is 4.19%, with a weighted average effective duration of 1.22 (maximum 3 by policy). The portfolio is overweight to U.S. Treasuries (55%), U.S. agency securities (18%), and bank deposits/savings (20%). Moody’s downgraded U.S. Treasuries to Aa1, but this did not impact market tone. The portfolio is structured with liquidity, core, and cash-match components. Bond proceeds for 2025 (approximately $32 million) will appear next quarter. The core portfolio is holding up well, while liquidity yields are declining with Fed rate cuts.
  • Review and Input on Recommended Additional Revenue Contributions to the Permanent Fund: Carole Jaramillo (Director of Financial Services) presented the five-year general fund financial plan. The city is projecting revenue on a pessimistic basis due to economic uncertainty. The plan aims to maintain a 25% reserve target; projected reserves are 26.2% in FY2030 ($32 million). Staff recommended against transferring excess revenue to the Permanent Fund, as any transfer would reduce the general fund reserve balance. Board members discussed the economic uncertainties and the city’s reserve position. Chandra McCray expressed a fiscally conservative view and favored not transferring funds.

Key Outcomes

  • Motion to not transfer additional revenue to the Permanent Fund: Chandra McCray moved to not transfer money into the Permanent Fund, seconded by David Jablonski. The motion carried by a vote of 4 FOR and 0 AGAINST (Van Billops, Chandra McCray, Kelly Wainwright, David Jablonski in favor; Ron Baker absent). The recommendation will be presented to the governing body.

Meeting Transcript

Hello. Oh about his craft. Right. Good evening. Uh, let's call to order this meeting of the City Rear Rancho Investment Advisory Board. Um, I guess we start with a pledge of allegiance. I pledge allegiance to the flag of the United States of America. And two other stands. One nation undergo indivisible with liberty and justice for all. Thank you. Next, uh, please silence all electronic devices while attending the investment advisory board meeting. For the record, I will announce the names of the board members. When I say your name, please acknowledge your presence by saying present. Member Billet. Present. Next on the agenda approval of the February twenty fifth, twenty twenty-five regular meeting. This doesn't say minutes, but I think that's what we're approving. Um is there a motion to approve? Mr. Chairman, I reviewed. Um, I make a motion to approve. Member Bills. And second reviewed and second. Roll call vote. Thank you, Chair. Uh member Bill Ups. I Chair Wainwright. Yes. And Member Jablinski. Thank you. The consent calendar is approved. Good deal. Next on the agenda is on to the review of the Rear Rancho Permanent Fund. And I believe that's PFM asset management. Thank you all. Good evening. Hi Mallory. Hi there. Um, could someone enable screen sharing and I will go ahead and pull the report up for you guys. Whoever is assigned as the host, I believe, has to do that. Oh, there we go. All right. So I believe you should be able to see everything as usual. I will provide a brief market update, then we'll go over performance of the portfolio. I'm happy to answer any questions you may have. We we don't have those on our our screen. I see it up on this screen, but I don't see them on our personal screens. Those are too hard to read. We're having technical difficulties, Mallory. Sorry, bear with us.

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