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Investment update: $63M in parish funds; staff projects ~$3M in investment income this fiscal year
Summary
Investment staff told the committee St. Charles Parish holds about $63 million in combined funds, is spending portions of fund balance on construction projects, and expects roughly $3 million in investment income for the fiscal year while preserving a $25M laddered pool.
The committee heard an investment update that put parish combined funds at "about $63,000,000," with staff noting that balances are lower than in prior years because the parish is drawing down fund balance to pay for construction projects. "Only because we've been spending our fund balance on construction projects" the investment presenter said.
Staff projected investment income of approximately $3,000,000 for the fiscal year while noting a $25,000,000 portion is being held in 4–5 year maturities and is not expected to be spent. Committee members and the presenter discussed cash-flow seasonality — ad valorem receipts spike in January and February — and agreed that revenues will likely rebound next year as construction projects complete and new sales-tax activity comes online.
The presentation was framed as a transition year: staff expects spending down of funds now with revenue increases following in subsequent years as permits are issued and projects begin.
