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City treasurer reports $1.07 million interest earned; staff to provide fund-level breakdown
Summary
Redondo Beach City Treasurer Eugene Solomon presented the 2025 investment report, reporting $1,074,006.43 year-to-date interest and saying roughly 60% of investment income is allocated to the general fund; staff agreed to produce a fund-level breakdown of the remaining 40% and confirmed internal controls for redemptions.
Eugene Solomon, Redondo Beach city treasurer, told the Budget and Finance Commission on June 30 that the city's investment portfolio earned $1,074,006.43 year to date and that staff prioritize safety, liquidity and yield when investing public funds. He said the portfolio includes short-term cash, money market and LGIP-style holdings, treasuries, agencies, medium-term notes and corporates and that policy and California Government Code restrictions guide purchases.
Solomon described a Clearwater reporting feature that flagged a corporate concentration as noncompliant even though the department's compliance determination is…
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