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Committee reviews falling investment yields; PIP fund balance and capital obligations reported
Summary
Finance staff reported investment income is down from last year as interest rates fall but projected to be above budget; the PIP (capital) fund has a $4.4 million unspent balance with encumbrances including a fire-truck order and boat-related invoices.
The Finance Committee heard reports May 27 that investment income has softened compared with the prior year as short-term interest rates have declined, but staff nonetheless project investment income will finish the year above budget.
Finance Director Tamara Ingersoll said April investment income was about $10,000 lower than the same month last year and that…
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