Sandoval County Treasurer Laura Montoya has announced that the collection rate for property taxes has increased to 99.38 percent on a total of over $1.163 billion for the last 10 years charged to the treasurer to collect.
“Though our tax roll has increased every year since I began my administration in 2013, my team has been able to annually increase the collection rate,” Montoya said. “This is important because the more we collect from everyone, the more fair and equitable the tax base is and the lower taxes can stay.”
Tax payments are allocated in six separate categories.
In addition to an outstanding property tax collection rate, Montoya also reported the interest earnings for Fiscal Year 2019: The total interest earned on all bank and investment accounts for Sandoval County summed to more than $1,360,000.
Montoya added that she was able to work closely with New Mexico Bank & Trust on the county’s CDs and interest-bearing accounts and the New Mexico State Local Government Investment Pool, as well as direct investments according to 6-10-10 NMSA.
“Considering the market environment we were in and not having a portfolio manager for the 2019 fiscal year, a significant rate of return was earned with safety at the forefront,” Montoya said.
A recent law change clarified that money market mutual funds are permissible investment tools for Class A Counties. In addition, supranationals and commercial paper A1/P1 were added as new investment tools as well. The Sandoval County Board of Finance approved adding commercial paper A1/P1 and clarifying that money market mutual funds are permissible in order to diversify the invest-ment portfolio.
“With a new portfolio manager on board and several million dollars maturing as well as over $9 million being received from Intel, now is a perfect time to diversify the portfolio with more investment tools that help us capitalize on our investment strategy and increase earnings,” Montoya said.