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 Kirene Bargas, LGIP Bureau Chief
Vikkie Hanges, LGIP Portfolio Manager
Hannah Chavez, LGIP Account Technician
The New MexiGROW Local Government Investment Pool (LGIP) is a Standard & Poor's AAAm rated money market fund offered by the State Treasurer to eligible local public bodies. The Treasurer's ability to combine moneys received from local public entities into an investment pool offers these entities greater purchasing power and the economy of scale necessary to secure the best yields. All securities purchased for the LGIP portfolio must comply with the State Treasurer’s Investment Policy, which is approved by the State Board of Finance. The Investment Policy contains specific investing guidelines such as allowable security types, asset mix and diversification, maximum maturity and weighted average maturity minimum, investment credit quality, and approved broker/dealers. The overriding investing principles for the LGIP are safety, liquidity, and return.
Participant Balances: Although the investment environment has experienced recent crisis, the LGIP portfolio has sustained a continuous flow of participant contributions through the 2010 fiscal year as a result of confidence in the Treasurer's Office. The Pool's balance as of April 30, 2010, was $815 million.
Diversification: As of April 30, 2010, the LGIP had $29 million invested in U.S. Agencies, $40 million in Startight-A commercial paper, $549 million in Treasury Bills, and $194 million in collateralized bank account securities. The portfolio maintained 99 percent of the holdings as investment grade (A-1+ or AAA) or better, with a weighted average maturity of less than 57 days as of April 30, 2010.
Investment Earnings: Through April 30, 2010, LGIP fiscal year earnings total $1.6 million.
The Reserve web site: www.TheR.com
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