New Senior Living coming to Conway

Harco Constructors is well underway on construction of Ridgemere, a new senior living facility on the corner of Prince and College in Conway. Situated on 14 acres that will soon feature walking trails, stocked fishing lake and a dog park, the new facility will include assisted living, memory care and independent living options. Amenities will include an on-site movie theater, libraries, ice cream parlor, full-service salons and meal service prepared by in-house executive chefs. “We are excited to be working with Abby Senior Living to build Ridgemere in Conway,” said Chuck Harper, Harco president. “The design and landscaping plan for Ridgemere are stunning. To have a facility like this should be a great addition to the Conway community.” With a projected opening date set in 2019, Ridgemere is already taking reservations for new residents. More information can be found at www.ridgemereconway.com.

State Treasury reports highest quarter since 2009

Arkansas’ investment receipts for the third quarter of fiscal year 2018, overseen by Treasurer of State Dennis Milligan, totaled $20.2 million, Milligan announced to the State Board of Finance today.

Year-to-date interest receipts for the first three quarters of FY 2018 totaled $55.9 million. At the same point last year, investment receipts totaled $39.4 million.

“To put that into perspective, interest receipts for the first three quarters of this year were just shy of the $57.5 million that we receipted during the entire fiscal year last year,” Milligan said. “I’m comfortable telling you all that our investment receipts for this fiscal year are expected to surpass last year’s totals.”

The third quarter period ran from Jan. 1 through March 31.

The State Treasury has an investment portfolio of roughly $3.5 billion, including about $3 billion in bonds and commercial paper, $500 million in demand accounts and about $155,000 in money market accounts, as of the third quarter 2018.

The state’s short-term portfolio earned $11.5 million during the quarter while long-term investments totaled $8.6 million.

“If you look deeper into the numbers, you’ll see that they demonstrate our continued repositioning from long-term to short-term investments, painting a clearer picture of what we have done over the past year to protect our invested principal,” Milligan told the board. “I’m very proud of the work our investment team is doing for the taxpayers of Arkansas.”

With this quarter’s investment receipts, the State Treasury has fulfilled all of its annual obligations to the state.

“This means that funds from this quarter, as well as receipts earned for the state in the fourth quarter, should help our state better withstand any future economic instability we may have,” Milligan said.

Milligan also gave an update on the State Treasury Money Management Trust Fund, which the Board voted to update last summer to broaden the investment options for participants. Prior to the update, participants were getting between 0.15 and 0.91 percent return on their investment.

Since the investment options have been widened, the ROI has increased steadily and participants are now getting 2.13 percent annualized return on their investments, Milligan said.