AGENDA DATE: 5/20/2026
TITLE:
Schedule a Public Hearing to Consider the Adoption of an Ordinance to join the Virginia Municipal Investment Trust
SUBJECT/PROPOSAL/REQUEST: Schedule a Public hearing to consider the adoption of an Ordinance to approve a joint exercise of powers to authorize participation in the Virginia Municipal Trust Fund with other Virginia jurisdictions pursuant to Virginia Code § 15.2-1300
ITEM TYPE: Consent Action Item
STAFF CONTACT(S): Richardson, Herrick, Ruege, Sumner, Bowman, Greene, Huff
PRESENTER (S): N/A
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: Under Virginia Code § 2.2-4501, the Virginia Investment Public Funds Act, the County has authority to invest its funds and has created investment safeguards within the County’s Investment Policy. The County's Investment Policy Document was revised and approved by the Board of Supervisors on May 6, 2026.
The County currently invests operating and reserve funds primarily in the Local Government Investment Pool (LGIP) and bank deposits. These instruments provide safety and liquidity; however, they offer limited diversification and lower yields in the current interest rate environment.
Several Virginia localities have expanded their investment options by participating in the Virginia Municipal Investment Trust (VA MINT), a pooled investment program authorized under Virginia Code § 15.2-1300 and compliant with the Investment of Public Funds Act. VA MINT would complement the County’s current investment program by providing an additional safe and liquid investment tool with the potential for improved interest earnings. Under Virginia Code § 15.2-1300, the County has authority to join the trust.
Staff is recommending expansion of the current investment program by joining the Virginia Municipal Investment Trust (VA MINT).
STRATEGIC PLAN: Mission: To enhance the well-being and quality of life for all citizens through the provision of the highest level of public service consistent with the prudent use of public funds.
DISCUSSION: VA MINT is a pooled investment trust established by agreement for Virginia local governments to provide professionally managed fixed-income portfolios that comply with the Investment of Public Funds Act. VA MINT offers multiple portfolios with varying durations and risk profiles, including an Enhanced Cash Portfolio with daily liquidity and short- and intermediate-term bond portfolios designed to improve diversification and long-term returns. Management fees are embedded in fund performance and are competitive with similar pooled investment programs.
Participation would expand the County’s investment toolkit, allowing staff to match investment duration to cash-flow needs while maintaining safety and liquidity. Staff would continue to report investment balances and performance as part of regular quarterly financial reporting.
To join the Virginia Municipal Investment Trust, steps include:
1) The County's Investment Policy should allow for the County’s participation. This was completed as part of the Board’s approval of the policy update on May 6, 2026.
2) The County must adopt an ordinance to join the Trust pursuant to Virginia Code § 15.2-1300, which is recommended for a public hearing to be scheduled for June 17, 2026 (Attachment A).
3) All new participants of the Trust must sign a Trust Agreement and Joinder (Attachment B), which would follow Board approval and be delegated by ordinance to the Chief Financial Officer.
4) Finally, a shareholder account application is submitted, also delegated to the Chief Financial Officer.
BUDGET IMPACT: There is no budget impact for joining VA MINT. Management fees are netted from portfolio performance and are comparable to other pooled investment programs. Participation is expected to improve investment earnings through broader diversification and access to professionally managed fixed-income portfolios. Staff time required to establish accounts is minimal and can be absorbed within existing resources.
RECOMMENDATION:
Recommendation
Staff recommends that the Board schedule a public hearing to consider the adoption of the attached proposed ordinance (Attachment A) to authorize participation in the Virginia Municipal Investment Trust (VA MINT) and to authorize the Chief Financial Officer to sign the Trust Joinder and the VA MINT shareholder account application.
ATTACHMENTS:
A - Proposed Ordinance
B - VA MINT Trust Agreement and Trust Joinder