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Finance director reports $86 million in city cash and investments; bond proceeds drove large quarter-over-quarter increase
Summary
Finance Director Jason Chat told the committee the city's cash and investments portfolio totaled about $86 million as of March 31, 2026 (roughly $17 million higher than the prior quarter), largely because of recent bond proceeds; portfolio holdings are short-term and in compliance with state law and city policy.
Finance Director Jason Chat presented a quarterly investment report to the Committee of the Whole on April 20 covering the quarter ended March 31, 2026.
"The city's total cash and investments portfolio as of March 31st sat at about $86 million," Chat said. He reported the increase from about $69 million in the prior quarter reflected receipt of bond proceeds received in March; staff said much of those proceeds are already earmarked for capital projects and will be spent in coming months.
Chat described the portfolio composition as three main categories: cash (operating and payroll accounts), short-term certificates of deposit and U.S. Treasuries, and U.S. government agency bonds (Federal Home Loan Bank, Federal Farm Credit Bank, Fannie Mae, Freddie Mac). He said the invested portion's weighted average yield was about 3.43% and that roughly $29 million of invested funds mature within the next 12 months.
For the quarter Chat reported about $355,000 in interest income. He emphasized that the portfolio complies with applicable state law and the city's investment policy and that purchase transactions are recommended by the finance director and executed with oversight from the city administrator or city attorney.
Council members asked for feedback on the new report format; Chat invited suggestions for additional detail and said staff would return with amendments or re-estimates to reflect the re-estimated and final amended budget in May.
