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City reports $568,000 in FY24 investment income; council approves quarterly report
Summary
Finance briefed council that the city earned about $568,000 from investment income in FY24 (a roughly 17% increase). Council approved quarterly and annual investment reports and authorized moving matured CDs into higher‑yield public investment pools such as TexasClass or TexPool.
City finance staff told the council Oct. 14 that the city earned about $568,000 in investment income for fiscal year 2024, an increase of nearly 17% from the prior year.
Finance staff said two certificates of deposit matured and that about $1,000,000 of instruments (CDs and bonds) have upcoming maturity dates; they recommended moving funds into public investment pools such as TexasClass or TexPool to capture higher returns. A council member moved and the council approved the quarterly investment report for April–September 2024 and the FY24 annual investment summary.
Council discussion noted that many earlier CDs were purchased by a previous finance director and that moving matured funds to pools offers better yield. Staff recommended staff will monitor maturities and migrate funds to pools as appropriate.
