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Bay Village finance committee reports about $1.6 million surplus and rising investment yields
Summary
Pete Wenzig, chair of the Bay Village Finance Committee, opened the May 5 meeting with a review of the village’s four-month financial report, which staff said showed about $1.6 million in revenues over expenditures and a weighted average investment return near 3.5% as of March.
Pete Wenzig, chair of the Bay Village Finance Committee, opened the May 5 meeting with a review of the first four-month financial report and copies of the packet for committee members.
The committee heard that the village’s weighted average rate of return on investments was about 3.5% as of March and that roughly $3.5 million of low-yield investments (under 2%) will roll off the balance this year, enabling reinvestment at higher rates. "The weighted average rate of return for our investments is about 3.5% as of March," staff member Jim said during the presentation.
Why it matters: higher yields reduce pressure on the general fund and give the village options for funding, but staff said they planned to be conservative when selling existing…
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