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Finance committee receives treasurer's quarterly report; Chandler cites strong returns and committee eyes $75M of unencumbered funds for infrastructure
Summary
City finance staff and investment manager Chandler reported robust portfolio returns (Chandler-managed market value ~$112.7M as of Sept. 30, average purchase yield ~4.08%) and discussed identifying priorities for roughly $75M appropriated but unencumbered funds; committee directed staff to return with recommendations.
Salinas Finance Committee members on Dec. 2 received the first quarterly treasurer's report and an investment-portfolio update from Chandler, the city's asset manager, that showed the Chandler-managed portfolio had a reported market value of about $112,709,000 as of Sept. 30 and an average purchase yield in the low-4% range.
"The goal of the treasurer's report is to present the city's monies are held and in which accounts," Selena (finance director) said as she introduced the report, which described cash-management practices spanning daily bank accounts, the state Local Agency Investment Fund (LAIF) and a…
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