Reflecting on the past year in Copper Canyon, we have continued our efforts in establishing the town’s first police department, overseeing new developments currently in the process of being built, maintaining our current tax rate in a tough economic environment, designing a new addition and parking lot at Town Hall, hiring a new Town Administrator, and exploring investment opportunities for diversification and optimal returns.
In August 2023, I tasked town staff and Mayor Pro Tem Steven Hill to review the town’s financial situation and assess options for improvement. Such options included changes to current depository relationships and potential investment with alternative financial institutions, including Local Government Investment Pools (LGIPs). All changes were to align to the Town of Copper Canyon Investment Policy and the State of Texas Public Funds Investment Act.
During the December Town Council meeting, authorization was granted for participation in two LGIPs: TexPool Prime and Logic. Both options offer competitive rates and contribute to the diversification of town funds. Investment in these pools totaled $3,005,000 and leave the town with a balance of $2,752,720 for daily operations and debt obligations. This diversification of funds provides the town with a lower risk to capital and a significantly higher yield on returns. TexPool Prime is one of the largest LGIPs in Texas and is managed through Federated Hermes. Logic is an Investment Pool managed by Hilltop Securities, where the Town currently holds the 2020 tax note funds.
I would like to wish each and every one of you a happy and prosperous 2024. Our town is growing and I have met many of the new residents who are moving here to enjoy the peaceful existence of Copper Canyon we all enjoy. Rest assured your Town Council and I are working diligently to ensure our town maintains this rural quiet lifestyle while embracing the growth here and around us in Denton County.
Happy New Year!
