The Edinburg City Council has adopted a new investment policy, which is required under the Public Funds Investment Act [PFIA].
Ascencion Alonzo, the director of Finance, said proceeds from bonds issued are put into interest-bearing accounts that are invested into TexPool, a local government investment pool based in Houston.
“Our portfolio is a little over $55 million in total funds,” Alonzo said. “Everything that is not operations, I would say it is about 98 percent of that.”
These funds are insured.
Alonzo said the city’s strategy is financially more conservative.
“There’s a state statute that we have to follow, so we can’t be too aggressive as the private sector, but we do follow the state statute [PFIA] and requirements,” he said.
The council also authorized the city manager to seek insurance benefits consultant services to ascertain cost-effective medical insurance for city employees. The consultant will continue to be on staff after a policy has been selected for recordkeeping purposes.
In other business, the council awarded bids for the following services:
–$18,087 for a utility vehicle to Amigo Power Equipment.
–$16,885 for traffic control devices to companies, including Delta Specialties Signs & Supply and Pathmark Traffic Products.
–$56,000 for reconstruction of a residence on the 900 block of East Kuhn Street to Castle Enterprises LLC, in accordance with the Housing Assistance Rehabilitation/Reconstruction Program.
–$56,000 for reconstruction of a residence on the 300 block of San Jose Street to Castle Enterprises LLC, in accordance with the Housing Assistance Rehabilitation/Reconstruction Program.
–$13,200 a year for the purchase of Consolidated Lead Evaluation and Reporting (CLEAR), which is an investigative tool for law enforcement professionals.
The council also appointed new members to city advisory boards and committees, replacing former members whose terms have expired:
–Art Cortez replaced Alejo Salinas, Community Development Council
–Henry Mayo replaced Mingo Garza, Golf Advisory Board
–Michael De Leon replaced Ezequiel Garate, Housing Assistance Committee
— Shelly Ducky replaced Estella Guzman, All American 10K Advisory Board.
–Andrew McDonald, Cordelia Rasa and Dr. Kelli Diaz were reappointed to the Little League Advisory Board. Victor Barbosa was reappointed and Fernando De Leon replaced Ramiro Moreno on the Little League Advisory Board.
