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Treasurer's office explains investment policy: fixed-income focus, six-month liquidity and $6.6–7B pool
Summary
Treasury officials briefed the Health Service Board on the city pooled-investment program, saying the treasury invests in AA-or-better fixed-income securities with a five-year maximum maturity, maintains liquidity to cover six months of expenditures and manages a pool of about $6.6'$7.0 billion.
Pamela Levin and Pauline Marks of the Treasurer and Tax Collector's office told the Health Service Board the treasurer's investment program prioritizes safety and liquidity before yield and operates under a detailed investment policy constrained by state code.
Pauline Marks described the permitted investments and operational safeguards: "We invest in highly rated securities, double A or better," and "We only invest in fixed income securities with a maximum maturity of 5 years." She explained the pool invests in treasuries, federal…
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