Investment adviser reports 2.5% paper loss as rates jump; Chamber plans downtown survey
September 20, 2022, 4:00 p.m. · American Fork City Hall, 31 N. Church St.
Moreton Advisors told the American Fork City Council the city's managed reserve portfolio showed an unrealized loss of about 2.5% amid the worst bond-market start in 50 years, though securities are held to maturity. Councilmember Rob Shelton urged using part of the city's growing reserves to invest in revenue-producing projects. The Chamber of Commerce outlined a survey of downtown businesses toward a revitalization plan and reported record Steel Days carnival sales of 93,000 tickets.
From the approved minutes.
Decisions at a glance
| Item | Result |
|---|---|
| Moreton Advisors investment report | Discussed |
| Chamber downtown communications/business plan | Discussed |
| Steel Days 2022 report | Discussed |
Agenda, item by item
Item 1 · Budget
Moreton Advisors investment report
Discussed
Jordan Hansen of Moreton Advisors, hired to manage part of city reserves, said the one-year Treasury topped 4% and the portfolio, limited to five-year maturities under the Utah Money Management Act, showed an unrealized loss of about 2.5%. Shelton asked for fund-by-fund forecasts and suggested investing part of the surplus in the city; Finance Director Anna Montoya urged keeping cash for upcoming projects.
- ContractAmount not given to Moreton Advisors
Item 2 · Development
Chamber downtown communications/business plan
Discussed
The Chamber's Kristina Wesemann and Josh Walker proposed surveying businesses and property owners in a 6-8 block original downtown around Center and State streets to shape a revitalization plan, likely a public-private partnership. Walker said past councils would not fund recommendations; Bunker said the city lacked the money.
Item 3 · Parks
Steel Days 2022 report
Discussed
Record participation and 93,000 carnival tickets sold. The Chamber asked for permanent park lighting, a north-side restroom with water and better parking and exits at Robinson Park.