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Treasurer reports Q1 portfolio at $73M; system flags corporate concentration but staff says purchase was compliant
Summary
Redondo Beach City Treasurer presented the first-quarter investment report showing a $73 million portfolio, a 3.23% effective yield and $575,653 interest earned YTD. An automated system flagged a corporate-issuer concentration above policy limits; staff said the purchase was compliant at the time it was made and no swap was executed.
Redondo Beach City Treasurer Eugene Solomon presented the commission with the city's quarterly investment report, saying the portfolio totaled roughly $73,000,000 at the end of the first quarter and produced an effective rate of return of 3.23 percent.
Solomon and finance staff said interest earned year-to-date was $575,653; roughly 60 percent of that amount (about $345,000) was being contributed to the general fund so far, while the budgeted annual contribution to the general fund from investment interest is $1,500,000.
During the presentation, staff noted one policy-compliance exception shown…
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