by SC Reporter Emilie Alfino
The Sanibel City Council at a public hearing on Oct. 7 unanimously approved a change in investment policy – reducing the number of portfolios from four to one – that will save the City approximately $10,000 per year.
By eliminating the various portfolios, the City’s investment program can be more efficiently managed, Steve Chaipel, Deputy City Manager/CFO, wrote in his Agenda Memorandum. The City’s investment manager (Chris Caputo of Integrity Fixed Income Management LLC) has proposed a fee reduction from 0.15 percent to a tiered approach of 0.125 percent on assets up to $35 million, and 0.10 percent for total assets above $35 million. The City’s current investment portfolio totals approximately $38 million
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