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Auditor details city investment yields; council schedules appropriations meeting for portfolio review
Summary
City Auditor Jim Stasiak told council the city's investment portfolio is yielding in excess of 4% for much of the balance but council members raised questions about recent declines in withholding revenue; members voted to schedule an appropriations (or committee-of-the-whole) meeting to review portfolio returns and cashflow projections.
City Auditor Jim Stasiak delivered a detailed explanation of the city’s cash investments and recent changes in income‑tax withholding at the March 18 council meeting and agreed to make data available at a follow-up appropriations meeting after council requested fuller disclosure.
Stasiak said the city’s total cash investments were roughly $96.5 million as of Feb. 28, and that ‘‘all of it, except $22,500,000 is receiving well in excess of 4 and typically closer to 5% return.’’ He…
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