Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Glendale staff report $311 million portfolio; warn returns likely to slow as Fed cuts approach
Summary
City finance staff told the Glendale City Council at a Oct. 14 workshop the city’s investment portfolio totaled about $311 million on June 30 and produced roughly $10 million in net income last fiscal year, but future returns are likely to fall as the Federal Reserve begins cutting rates.
Glendale finance staff gave the City Council an economic and market update and reviewed the city’s investment portfolio during a Oct. 14 workshop, saying the portfolio totaled about $311 million as of June 30 and produced roughly $10 million in net income in the prior fiscal year.
The presentation said the city’s investment policy is governed by “Arizona revised statute 30 five-three 23,” which limits allowable investments and caps maximum maturities at five years. Eligible instruments named in the presentation included U.S. Treasury obligations, federal agency securities, government-sponsored entities such as Fannie Mae and Freddie Mac, investment-grade corporate bonds, prime commercial paper and interest-bearing accounts or certificates of deposit.
“Safety, liquidity, diversification and yield”…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
