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1 .■ <br />% <br />X <br />% <br />TO:Ron Moorse, City Administrator <br />Mayor and City Council Members <br />FROM: <br />DATE: <br />Tom Kuehn, Finance Director <br />March 20,1997 <br />SUBJECT: Investment Report for the Year Ended December 31,1996 <br />Attachments: A. Investment Portfolio at December 31,1996 <br />B. Investment Interest Earned compared to Revenue Budget 1996 <br />Discussion - The unaudited statement of earned interest for the year ended December 31, <br />1996 indicates that the City earned $468,905 compared to budgeted amounts of $384,250 <br />for a favorable variance of $84,655. This compares with interest earned of $445,902 in <br />1995, and $422,188 in 1994. <br />'fhe average yield for the year was 6.19% compared to 6.03% for 1995, and 5.76% for <br />1994, reflecting a continued gradual upturn in interest rates. <br />The investment portfolio, at cost, on December 31, 1996 was $8,341,492, including <br />$413,023 held at the Trustee for the H.R.A. accoimts. This compares to a total <br />investment portfolio, at cost, of $9,837,418, on December 31, 1995, and $7,788,359 ori <br />December 31, 1994.. The investment portfolio decrease of $1,495,926 from December <br />31, 1995 to December 31,1996 was due to the refunding of all outstanding 1989 Revenue <br />Bonds in January, 1996.