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Council renews investment policy; city reports 2024 investment gains
Summary
Council approved a one-year renewal of the city27s investment policy after staff reported a 1.8% increase in investments and a roughly $960,000 increase in interest income for 2024.
The Evansville Common Council on Jan. 27 approved the city27s annual investment policy and heard a summary of the 2024 investment report.
Robert (last name not stated) presented highlights: total investments rose about 1.8%, an increase of roughly $4.7 million, and interest income increased about $960,000 (about 5.3%) despite some volatility in short-term Treasury rates. "We did have a small increase in the amount of the investments of 1.8%, so almost $4,700,000 in increase in investments. We also saw an increase in interest income of 960,000 or about 5.3%," Robert said.
He told council staff are using laddered certificates of deposit (CDs) with local banks and continuing to manage maturities so cash flows are predictable. He noted the sewer utility had a large construction-related decrease in account balances and that general fund and casino operating funds saw increased interest earnings.
Council approved the one-year renewal of the investment policy by voice vote.
The report included economic outlook materials from PNC and Bureau of Labor Statistics summaries; the treasury presentation will be used for future planning but no changes to tax policy or major new appropriations were announced during the meeting.
