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Quarterly investment report: town portfolio yields improve while cash balances dip awaiting reimbursements
Summary
Investment advisor Jim McCourt told the council the town’s securities portfolio now earns a weighted average yield near 3.8% and holds above‑market yields as maturing securities are reinvested; cash balances have fallen from roughly $207M to about $171M after recent capital spending while staff await roughly $25–26M in reimbursements, primarily from FEMA.
Jim McCourt of METER Investments presented the quarterly investment report to Paradise Town Council, saying the town’s portfolio is invested mainly in fixed‑income securities and is positioned to benefit from higher rates locked in during the prior two years.
McCourt said the portfolio’s book value has declined to about $170.9 million from roughly $207 million last year as the town has spent funds on large capital projects. He reported a weighted average yield to maturity of about 3.8% for the securities portfolio and…
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