Laserfiche WebLink
TO:Ron Moorse, City Administrator <br />Mayor and Cit>- Council Members <br />FROM: <br />DATE: <br />Tom Kuehn, Finance Director7>K/r. <br />Februaiy 23,1995 <br />SUBJECT: Investment Report Tor the Year Ended December 31,1994 <br />Attachments: A. Investment Portfolio at December 31,1994 <br />B. Investment Interest Earned compared to Revenue Budget 1994 <br />Discussion - The unaudited statement of eamec. .iterest for the year ended December 31, <br />1994 indicates that the City earned J407,322 for the budgeted funds compared to budget­ <br />ed amounts of $271,370 for a favorable variance of $136,952. An additional $14,866 was <br />earned in non-budgeted funds, for a grand total of $422,188 of interest earned. This <br />compares with $409,563 of interest earned in 1993. <br />The interest earned from non-budgeted funds was for the Stubbs Bay Sewer project. <br />which should be closed out during 1995, and for the H.R.A. Building Construction Trust <br />Fund being held at American Bank, which is being closed to the H.R.A. Building Bond <br />Trust Fund in January, 1995. <br />The average yield for the year was 5.76% compared to 5.58% for 1993, reflecting the turn <br />around in interest rates from the past several years of declining rates. <br />The investment portfolio, at cost, on December 31, 1994 w’as $7,375,093 plus $413,266 <br />at the Trustee for the H.R.A. accounts, for a total of $7,788,359. This compares to a total <br />investment portfolio, at cost, on December 31, 1993 of $7,784,339.