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City finance staff reports Q4 2024 investment performance, proposes policy tweak and internal financing for small ULID
Summary
Financial Services Manager Christie Wolf told the Feb. 25 council work session that Lacey’s core investment portfolio slightly outperformed its benchmark in Q4 2024 but showed an unrealized, on‑paper loss of about $1.9 million linked to rising Treasury yields.
Christie Wolf, Lacey’s financial services manager, presented the city’s fourth-quarter 2024 investment report at the Feb. 25 work session, saying the city’s core investment portfolio “narrowly over performed against the investment strategy benchmark for this quarter.”
Wolf said the portfolio had a total unrealized loss of about $1,900,000 at quarter end and attributed most of that on‑paper loss to rising Treasury yields related to fiscal-policy uncertainty. She explained that the unrealized loss reflects fair‑market valuation at year‑end — “an on paper loss, but we're never gonna sell those investments ahead of time, so…
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