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Navajo County Treasurer Debra Kester introduced the Board of Supervisors to Bob Moore, investment advisor and portfolio manager at last week’s supervisor’s meeting. Moore is the president of Institutional Capital Management and works solely with public fund investors.
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Moore explained the county’s investment portfolio and that it was in good standing. Kester added, “The interest income experienced a significant increase during fiscal year 2018-19.”
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Moore said, “Your portfolio has a credit rating of a double A+, the highest credit rating available. The maturity of the portfolio is very liquid and the yield you are being provided is far in excess of long-term government bonding. So, you are doing very well.”
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However, according to Moore, “One of the things that I think is important, especially in a time of tremendous market volatility, is we maximize interest income and utilize funds as efficiently as possible instead of speculating about the direction of interest rates. The Fed topped out on interest rates early in 2019 and the market started to take a dive. The condition of the economy that we are looking at today would warrant further federal interest rate cuts. Global interest rates are plunging and there are some folks that are predicting that we may be heading on that path. We are seeing tremendous trade tensions and a trade war that keeps ramping up and backing off. People are becoming more concerned about a recession.”
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He said, “On the positive side, U.S. growth rates are darn good. When the value of personal assets begins to fall, those are the kinds of issues The Fed is trying to prevent. Here is what I want you to get out of this. At each recession, the Federal Reserve has cut interest rates on average of five percentage points. There is a real possibility that they may take us down to where we were from 2008 to 2016. Trade war concerns are real and they are not going away.”
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Moore’s entire report, including slides, are available at the Treasurer’s Office in the County Complex, located at 100 E. Code Talkers Drive in Holbrook.
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In other business, the Board:
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* Approved 22 back tax land parcels sold over the counter in the amount of $11,857.
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* Approved a letter of support for the White Mountain Apache Division of Transportation to show support for their BUILD grant application to improve Bureau of Indian Affairs Route 12 to Cibecue.
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* Approved a special event liquor license application and extension of premises for American Legion Post No. 86 for an Aug. 31 fundraiser in Overgaard.
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* Approved a special event liquor license application for White Mountain Nature Center for Oct. 4-5 in Pinetop.
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* Approved a 9-1-1 system grant from the Arizona Department of Administration.
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* Accepted a Victim’s Rights Program award from the Office of the Attorney General in the amount of $13,000.
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* Approved the conducting of elections for Pinedale, Porter Mountain and Sky-High Domestic Water Improvement Districts; Blue Ridge, Winslow and Joseph City unified school districts; and the City of Winslow on Nov. 5.
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* Approved a resolution canceling the Oct. 2 election for the Silver Creek Flood Protection District and appointing Joe, Rencher and Will Flake each to a four-year term.
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* Approved expenditure by the County Attorney Anti-Racketeering Revolving Fund monies in the amount of $25,857 for the ACJC Byrne Grant match and $5,600 for the Show Low Youth Recreation and Sports Foundation.
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* Approved reissuance of stale-dated checks.
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* Approved an intergovernmental agreement amendment between the Arizona Department of Health and Navajo County Public Health Emergency Preparedness to support the development of the Public Health Emergency Preparedness Program.
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* Approved a continuation of the intergovernmental agreement for medical examiner services between the Coconino County Health and Human Services Department and the Navajo County Public Health Services District.
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* Approved a petition by a property owner to lower his assessed property value.
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* Accepted an Arizona Attorney General’s Victim’s Rights Program grant in the amount of $28,700.
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* Approved the easement extinguishment at the Safeway in the White Mountain Village Shopping Center in Pinetop-Lakeside. The request was in order to purchase the land to expand the shopping center.
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The next meeting of the Navajo County Board of Supervisors will be held at 9 a.m. on Tuesday, Aug. 27, in the board chambers located at 100 E. Code Talkers Drive.
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