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Beaumont renews two CDs and reports $1.46 million in quarterly investment income
Summary
The finance department reported second‑quarter investment results, including renewal of two matured certificates of deposit and $1,460,000 of interest received across investment vehicles. Staff also explained use of multiple bank accounts and CD renewal terms.
Beaumont finance staff presented the city’s second‑quarter investment report, saying two certificates of deposit matured and were renewed and that total interest received across the city’s investments for the quarter was $1,460,000.
Staff said one renewed CD was placed for 12 months at a 4.15 percent yield and the other for 18 months at 3.89 percent. The finance director told the committee that $6.2 million of unspent fiscal‑year‑24 fund balance had been moved into California Class investments at the end of FY24, explaining a December increase in that account.
Committee members asked why the city uses multiple banks. Staff said the city maintains separate accounts for general checking, payroll and sweep accounts, and uses different investment vehicles to comply with the city’s investment policy and insurance limits. The committee also discussed the timing of interest postings for certain vehicles; staff explained that interest for LAIF/CalClass‑style accounts posts on a schedule and that some interest is recognized in January for the prior period.
After presentation and questions, a committee member moved and a colleague seconded to receive and file the investment report; the motion passed by voice vote.
