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Milford finance committee hears PFM portfolio review; city expects roughly $1.5 million in FY26 investment earnings
Summary
PFM presented a quarterly review of Milford's investment portfolio, reporting $36.1 million in market value, a 1.85‑year duration, recent quarterly gains and an updated earnings estimate that will feed into the FY26 budget.
Marty Hammond, managing director at PFMAM, briefed the Milford Finance and Audit Committee on the city’s quarterly investment performance and the firm’s review of the municipality’s investment policy.
The presentation said the committee’s main cash portfolio had a market value of about $36.1 million as of 03/31/2025, a portfolio duration of about 1.85 years and a yield-at-cost of roughly 4.41% (current yield about 4.48%). PFM reported the portfolio returned about 1.73% for the quarter (market-value gain of about $332,000) and that over the prior 12 months the portfolio has delivered roughly in the mid‑single digits annualized (PFM gave a ballpark estimate in the meeting of about 5.5%–6% over the last year).
The quarter’s gain came primarily from falling Treasury yields, which increased market values, Hammond told the committee. "It was a…
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