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City reports 3.76% quarterly yield, $7.6 million interest year-to-date
Summary
City finance staff told the Fiscal Affairs Committee the investment portfolio returned a 3.76% yield for the quarter and $7.6 million in interest year-to-date; staff said the $278 million portfolio remains highly liquid and offered further breakdowns on request.
Kelly, the staff presenter, told the Fiscal Affairs Committee the city’s investment portfolio achieved an average yield of 3.76% for the quarter and a fiscal-year-to-date average of 3.9%.
“Our portfolio achieved an average yield of 3.76% for the quarter,” Kelly said, and later reported total interest earnings for all funds year to date of "$7,600,000," characterizing that figure as roughly in line with budget expectations.
Kelly said the portfolio totaled $278,000,000 as of June 30 and that team practice is to hold investments to maturity; she described a laddering strategy to manage short-term maturities and capture higher yields when possible. “We hold our investments until maturity,” she stated, noting a reported unrealized market loss of about $97,000 that is not realized while holdings remain outstanding.
Committee members asked clarifying questions about specific transfers and allocations, and Kelly offered to provide a fund-by-fund breakdown at the committee’s request. The committee did not take additional action on the report during the meeting.
The presentation was informational; staff said they will return with any requested schedule or breakdowns.
