Seale to push investment of county funds

Tuesday, Feb. 10, 1998 | 10:38 a.m.

After new Clark County Treasurer Laura Fitzpatrick gets her feet on the ground, Seale says he will meet with her to outline his plan. He suggests Clark County would be able to earn more money by putting it in the Local Government Investment Pool which is run by his office.

"I've seen their (Clark County) portfolio and their money-market mutual funds and we're doing better," he said.

There's $400 million in the local government fund from other cities and counties now being invested by Seale's office.

"I could routinely do better by one-quarter of a percent" than Clark County does, he said. "That's big money."

Seale proposed the investment opportunity to former Clark County Treasurer Mark Aston but was turned down.

Clark County has a $2 billion investment portfolio. But Seale said he will recommend only a portion go into the state's investment pool.

Under state law, counties, cities and general improvement districts can pool their money in a state fund to gain more clout in making short-term investments.

At present the average length of the investment is 43 days. And the local governments, Seale said, can easily move in and out of the pool with their cash.

Fitzpatrick starts in the county office after Aston steps down March 13, one week before his sentencing on one count of felony embezzlement.