SUBLETTE COUNTY – With banks’ savings accounts earning very low interest – but with national lending rates on the rise – the Marbleton Town Council invited a longtime municipal financial advisor to present options at its April 11 meeting.
Even some WyoStar government accounts haven’t had much growth on returns on municipal accounts, councilmembers noted.
Todd Bishop of Cheyenne’s Kaiser Company has almost 33 years’ experience working with Wyoming government agencies, he told the council via Zoom. He noted that he is a Shoshoni native and founded the company to provide financial advice to public entities.
He presented an overview of different investments available to towns and cities – which are limited by state laws and town policies.
“When you talk about investment options for towns to invest money in, you can’t buy Apple stock or mutual funds. Each town has its own investment policy,” Bishop said. “If you don’t have one, I could help you set one up. Most clients use insured CDs or federal agency bonds.”
Marbleton’s investment policy was passed in 2007 following state law, town attorney Thayne Peterson said.
Each government entity is different, Bishop said, and tailors a management plan “specific to the town’s objectives.”
Councilmember Roger McMannis said they want to “bounce around ideas” to discussed in more depth during upcoming budget meetings. The Marbleton Town Council planned its second meeting for Thursday, April 14.
“We’re not looking to get rich, just make the best interest for our money,” McMannis said.
Peterson added, “But it’s okay if we get rich.”
Bishop said the town should develop a strategy and define its financial goals and objectives. He is also experienced at advising on capital construction projects and equipment lease-purchase decisions.
In a nutshell, Bishop generally advised the town to consider government bonds and insured CDs and plan a strategy about when to enter and exit, keeping a perspective of…
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