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City treasurer reports record pool earnings, advises cautious stance as rates fall
Summary
City Treasurer Jeff Stearns told the Lakeland City Commission the pooled investment fund returned its highest earnings on record in fiscal 2024, while urging that future returns may ease if interest rates decline; commissioners praised staff performance.
Jeff Stearns, the city treasurer, gave the commission the annual pooled investment update, reporting the pooled investment fund stood at about $785,000,000 at the end of fiscal 2024 and that pool earnings for the year were the highest on record.
Stearns said earnings on the pool were 4.38% for fiscal 2024, producing $35,700,000 in actual earnings — roughly $6.5 million higher than the prior year — and that amount was about 1.47 percentage points above the city’s chosen earnings benchmark. He described the pool’s chief objectives as “safety of principle, liquidity, and investment return, and in that order.”
The pooled investment fund provides liquidity for city operations, including Lakeland Electric and water…
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