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1 <br />Ta <br />FROM: <br />DATE: <br />SUBJECT: <br />Ron Moorsc, Citv Administrator <br />Mayor and Cit> Council Memhcrs ^ <br />Tom Kochn. Finance Director <br />January 20,1994 <br />Investment Report for the Year Ended December M, 1993 <br />w * <br />Attachments: A. Investment Portfolio at December 31.1993 <br />B. In\estment Interest Ean»d compared to Rev enue Budget 1993 <br />nurit«ir>n - The unaud.tcd statement of earned interest for the year ended December 31, <br />1993 indicates that the City earned S345.507 for tne budgeted funds compared to budget* <br />ed amounts of $336,300 for a favorable variance of S9.207. An additional $66,976 was <br />earned in non-budgcted funds, for a grand total of $412,483 of interest earned. ITiis <br />compares with $590,339 of interest earned in 1992. <br />The interest earned from non-budgeted funds wras for the Stubbs Bay Sewer project, <br />which should be closed out during 1994. and for the H R. A. 1 rust funds being held at <br />American Bank. <br />Tte average yield for the year was 5.58% compared to 7.04% for 1992, reflecting the <br />continuing decrease in interest rates over the past sevetal years. <br />The investment portfolio, at cost, on December 31. 1993 was $7,371,209 plus $413,130 <br />at the Trustee for the H R.A. accounts, for a total of $7,784,339. This compares to a total <br />investment portfolio, at cost, on December 31, 1992 of $8,745,203. The decrease is pri­ <br />marily due to the expenditure of the bond proceeds from the Stubbs Bay Sewer project, <br />from the new City Hall/Public Works Garage project, and from the water tower project at <br />the new city’ hall site.