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Feb 28, 2023 · Related development

Sage selected to manage all of the District's corpus funds

Of two responses to the request for proposals, the Finance Committee recommended Sage on the basis of fees, with direction to use existing investments to match liabilities rather than liquidate and reinvest. The board approved Sage as manager of all corpus funds and directed Amarillo National Bank and Happy State Bank to release their funds by March 15, 2023. The same day it set the LPPF assessment at 4.17% for state fiscal year 2023.^[1]^[2]

Sage Advisory Services (Sage Investment Managers)

What the sources say

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The board set the LPPF rate at 2.27% for state fiscal year 2022 (requested as generating just over $20 million) on May 24, 2022, and at 4.17% for state fiscal year 2023 (just over $40 million) on February 28, 2023. ^[3]^[2]
✓ Verified
The committee evaluating the request for proposals (two board members and the Assistant City Manager) received two responses, both favorable, and the recommendation came down to fees. The anticipated shortfall had improved to around $3 million in a January 31, 2023 analysis. ^[1]
✓ Verified
Dean Frigo, Amarillo Hospital District Board of Managers (Finance Committee chair): The Finance Committee chair said the board must do its part to watch expenses and that it would not be wise to take on any new programs. ^[2]
✓ Verified
Earlier, in August 2022, Texas Tech had asked for an additional $550,000 a year for pediatric programs; staff said that amount would strain cash flows near 2036, and the Finance Committee approved $250,000. Staff then projected about $12.9 million in reserves in 2036, before the added amounts. ^[4]

Sources

1.Amarillo Hospital District Finance Committee minutes, February 24, 2023 — Amarillo Hospital District Finance Committee (via City of Amarillo CivicClerk), Aug 28, 2023 · retrieved Oct 22, 2026primarySubject-authoredPublished date is the approval date: approved at the Finance Committee meeting of August 28, 2023. Scanned minutes (OCR). RFP responses; Sage recommended; shortfall about $3 million.
2.Amarillo Hospital District Board of Managers minutes, February 28, 2023 — Amarillo Hospital District Board of Managers (via City of Amarillo CivicClerk), May 24, 2023 · retrieved Oct 22, 2026primarySubject-authoredPublished date is the PDF CreationDate (the May 23, 2023 minutes approve minutes of a meeting printed as February 2, 2023). Scanned minutes (OCR). LPPF 4.17%; Sage selected to manage all corpus funds by March 15, 2023.
3.Amarillo Hospital District Board of Managers minutes, May 24, 2022 — Amarillo Hospital District Board of Managers (via City of Amarillo CivicClerk), Nov 29, 2022 · retrieved Oct 22, 2026primarySubject-authoredPublished date is the PDF CreationDate (the minutes that would approve these are not in the archive). Scanned minutes (OCR). LPPF 2.27%; FY2021 audit: net position $198.6 million.
4.Amarillo Hospital District Finance Committee minutes, August 18, 2022 — Amarillo Hospital District Finance Committee (via City of Amarillo CivicClerk), Dec 2, 2022 · retrieved Oct 22, 2026primarySubject-authoredPublished date is the approval date: approved at the Finance Committee meeting of December 2, 2022. Scanned minutes (OCR). Texas Tech pediatrics request ($550,000; $250,000 approved); pension plan 107.6% funded at 10/1/2021; FY2022/23 budget with about $12.9 million projected reserves in 2036.