Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
City treasurer reports $76 million portfolio, says safety and liquidity guide investments
Summary
Redondo Beach City Treasurer Eugene Solomon and deputy treasurer Nilesh Mehta reviewed the city's quarter-two investment portfolio, reporting roughly $76 million in investments, compliance with the city's investment policy and a plan to pursue longer-duration purchases as cash flow permits.
Redondo Beach City Treasurer Eugene Solomon presented the fiscal year 2024-25 second-quarter investment report to the Budget and Finance Commission on Feb. 13, saying the city's portfolio totaled about $76 million as of Dec. 31, 2024.
Solomon told the commission that the portfolio was in compliance with the city's investment policy and that the review prioritized "safety, liquidity, and yield, in that order." He said the portfolio allocation at the December cutoff was roughly 42% in U.S. Treasuries, 42% in U.S. federal agencies, about 16.5% in corporate securities, and relatively small amounts in money market funds and LAIF/CAMP-type liquidity accounts. He summarized the quarter-to-date interest earned year-to-date as $1,070,841.28, with roughly $642,000 contributed to the general fund to…
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
