Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
PFM reports steady market conditions and portfolio performance; city portfolio ~ $74M
Summary
PFM Asset Management briefed council on markets and the city's portfolio, reporting roughly $74 million under management, performance above benchmark, and $7.2 million in earnings since PFM began managing the fund.
At the May 11 meeting the council heard a quarterly market and portfolio update from Ryan Catcher of PFM Asset Management. Catcher said geopolitical events — specifically conflict in Iran — had become the market's central focus and were affecting energy-driven inflation, but that the city's portfolio performance has outpaced the 0–3 year benchmark.
Catcher summarized that PFM is managing "a little over $74,000,000 in assets" for the City and reported cumulative interest earnings of $7,200,000 since PFM began managing the portfolio a few years ago. He said sector allocation remained similar to the prior quarter, with a tilt toward U.S. Treasuries and corporates and minor changes in commercial paper and agency allocation. Council and staff discussed the effect of higher fuel and health-care costs on city operations and noted that most of the city's balances are restricted by fund purpose, with about $16,000,000 unrestricted.
