Sunbury finance committee reviews $23.6 million portfolio, notes shift from overnight to longer-term investments

Acting finance director Daryl presented the finance committee with the city’s first-quarter investment review, reporting $23.6 million in cash and investments as of March 31. He said roughly 30% of the total is held in overnight-liquidity accounts that can be drawn down for operations, while about 70% is invested in longer-term securities with Fifth Third.

Daryl gave committee members line-item amounts by institution: First Commonwealth Bank ~$3.9 million, Upstart Ohio ~$3.4 million, and Fifth Third securities ~$16.2 million. He said overnight accounts currently yield between about 2.88% and 3.79%, while the longer-term holdings show yields around 3.9%.

Describing the Fifth Third portfolio, Daryl said it is laddered, FDIC-insured in parts, and heavily weighted toward government bonds backed by the U.S. Treasury—characteristics he called “pretty safe” for that portion of the portfolio. He added the finance staff has been shifting some balances from short-term to longer-term holdings as yields and market conditions change and that the city will continue to monitor the rate environment and adjust allocations as needed.

Committee members asked no substantive follow-up questions during the presentation. Daryl said that detailed account listings, including book yields for each security, are in the committee packet and that Dana Steffen (the finance director, absent tonight) would review or correct any finer points in a future committee meeting.

The review was informational; no investment action or vote was taken.