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TO:Ron Moorse, City Administrator <br />Mayor Citv Council Members <br />^UNCIL MEETING <br />FROM: <br />DATE: <br />Tom Kuehi!, Finance Director:tor ' <br />April 24, 1996 <br />’995 <br />‘='^OFOf;c.^.o <br />SUBJECT:Investment Report for the Year Ended December 31, 1995 <br />Attachments: A. Investment Portfolio at December 31,1995 <br />B.Investment Interest Earned compared to Revenue Budget 1995 <br />Discussion - The unaudited statement of earned interest for the year ended December 31, <br />1995 indicates that the City earned $436,334 for the budgeted funds compared to budget­ <br />ed amounts of $302,276 for a favorable variance of $1 j 4,058. An additional $9,568 was <br />earned in non-budgeted funds, for a grand total interest earned of $445,902. This <br />compares with $422,188 of interest earned in 1994. <br />The interest earned from non-budgeted fiinds was for the Stubbs Bay Sewer project. <br />which should be closed out during the 1995 year end adjustments. <br />The average yield for the year was 6.03% compared to 5.76% for 1994, reflecting a <br />continued gradual upturn in interest rates from the past several years of declining rates. <br />The investment portfolio, at cost, on December 31, 1995 was $9,425,372 plus $412,046 <br />at the Trustee for the H.R.A. accounts, for a total of $9,837,418. This compares to a total <br />investment portfolio, at cost, on December 31, 1994 of $7,788,359. The increase of <br />over $2,000,000 was mostly due to the sale of the $1,910,00 of 1995 Refunding Bonds in <br />December, 1995. The increase was short lived as the refunding bond proceeds were ex­ <br />pended by Januarv' 31, 1996. <br />I