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Tue January 13, 2009
County Suffers Investment Loss
By KRWG News
Las Cruces – Do a Ana County will share in a loss tied to the collapse of Lehman Brothers last September.
Do a Ana County's portion of the loss is estimated at approximately
$253,000, which will be prorated over 10 months.
That will reduce the county's investment income from the state during by about $25,000 per month over the period.
County Treasurer David Gutierrez has a prepared a memorandum for the Board of Commissioners in which he recommends moving a portion of the County's investments out of the state pool and into local banks.
He said he plans to continue participating in the state investment pool based on its past performance, but he believes the county needs to diversify its investment portfolio.
The investment loss occurred on Sept. 15, 2008.
Gutierrez was elected Treasurer in November and took office on the first of this month.
At the time of the loss blamed on the Lehman Brothers' collapse
The county had $300,000 invested locally, with a total account of $72.9 million in the Local Government Investment Pool.