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 publi...
Click here for full text