Created: 01/29/2014 10:45 AM
By: The Associated Press
ALBUQUERQUE (AP) - New Mexico's most populous county has money trouble.
Bernalillo County Manager Tom Zdunek says the county will need to borrow money or cash out investments to pay its bills by August. That is because of an $18 million loss in value of the county's investment portfolio.
The Albuquerque Journal reports that the County Commission has adopted a new investment policy crafted with the help of experts.
The new policy calls for the commission and treasurer to jointly appoint an investment officer and to agree on which brokers are allowed to do business with the county.
The policy provides for requirements for availability of cash on short notice and for forms of investment trading that provide transparency.
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