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GPA report: core portfolio rose to $155M and book yield at ~4.48% as city locks in higher rates
Summary
Diane (GPA) reported the city moved core investments from roughly $93 million to about $155 million this year, emphasized duration management in a changing rate environment and noted book yield ended the period near 4.48%.
Diane of GPA reviewed the core and liquidity portfolio and said the city increased invested core balances from about $93,000,000 at the start of the year to roughly $155,000,000. "We started the year at 93,000,000 invested, and right now, we're at a 155,000,000 invested," she said, and described steps taken to lock in higher yields.
Diane explained duration and yield-curve positioning being used to protect earnings and noted the overall book yield ended the period at about 4.48 percent while unrealized losses have declined to about 1.8 percent. She described the cash-match approach to cover debt-service maturities and said the portfolio is diversified across treasuries, bank deposits and agencies, with policy constraints on maturities.
