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New treasurer outlines portfolio performance; council asks about cash management
Summary
City Treasurer Garrett Smith presented a portfolio update showing roughly $103 million in certain holdings and a total market value cited near $148.2 million as of Dec. 31, 2024; councilmembers asked about clearing large cash balances and sweep account interest.
Garrett Smith, the city’s newly seated treasurer, delivered his first monthly report covering October through December. Smith summarized portfolio performance as of Dec. 31, 2024, including portfolio composition (agency and corporate securities; U.S. Treasury holdings; asset‑backed securities) and a purchase yield figure around 3.15% on held assets. He reported approximately $103,000,001 in certain portfolio accounts and cited a total market value figure of about $148,174,084.
Council members questioned the level of cash on hand and whether funds held in Wells Fargo were earning interest. Smith and finance staff said the Wells Fargo sweep account does earn interest (the finance director later clarified that the sweep earns roughly 4–4.2% and generates monthly interest of about $40,000–$60,000 depending on balances); staff also discussed timing of inflows and outflows and the operational reasons for maintaining liquidity in a sweep account.
Smith said the portfolio is managed in accordance with the city’s investment policy and that staff will continue to review strategy with the city’s investment advisor (Chandler). Councilmembers asked staff to follow up on possible options to increase yields on cash balances without sacrificing liquidity.
