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Treasury manager: Boca Raton portfolio returned 4.28% in FY2024; council asks about custodial and international exposure
Summary
The city's treasury manager reported a 4.28% amortized return for fiscal year 2024 and described a shift to longer-duration, fixed-income "bullet" investments; council members asked for more detail about custodial arrangements for cash and whether the reported portfolio includes international holdings or pension assets.
The Boca Raton Financial Services Department presented its annual investment report for the fiscal year that ended September 30, 2024, reporting a 4.28% amortized return and describing portfolio decisions made in response to recent Federal Reserve rate movements.
Conahan, the city's treasury manager, told council members the investment policy prioritizes safety, liquidity and yield and that staff has shifted a portion of the portfolio into longer-duration, self-amortizing "bullet" investments in the three- to five-year range to lock in favorable rates. "The priority,…
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