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City finance officials report $35 million in interest earnings; mayor asks staff for property-tax stress test
Summary
West Palm Beach finance officials on Monday presented the city—s annual investment report, saying higher interest rates produced roughly $35 million in interest earnings for the last fiscal year and prompting Mayor James to ask staff for a stress test quantifying the impact if ad valorem property taxes were eliminated.
West Palm Beach finance officials on Monday presented the city—s third annual investment report, saying higher interest rates produced a sharp increase in earnings but that most of those dollars are restricted to specific uses.
Bridget Souffrant, the city—s chief financial officer, introduced the presentation and said the portion of city assets managed by the city—s adviser are funds not needed for immediate cash flow or otherwise earmarked.
John Grady, managing director and partner at Public Trust Advisors, summarized the economic backdrop for the report and told commissioners the city—s program is deliberately conservative. He said the portfolio emphasizes liquidity for short-term needs and U.S. Treasuries in the 1-to-5-year range to lock in yields while limiting duration risk.
The presentation said the city—s liquidity portfolio represented about…
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