Quarterly Financial Report

First Quarter of FY 2021-2022

Investment Activity First Quarter of FY2021-2022

The Public Funds Investment Act limits the City to certain types of investments it can purchase with public funds. The City’s investment portfolio is liquid with 100% of its investments in local government investment pools which provide the City with same-day liquidity and competitive rates in comparison to other types of investments.

During the first quarter of FY2022, the City invested $3.04 million into investment pools (including reinvestment of $9K in accrued interest) and made withdrawals of $2.2 million primarily for debt payments and construction payments. The average interest yield of the City’s investment pools was 0.077% at the end of the first quarter. Interest rates have been affected by the Federal Reserve maintaining its target rate of 0.00% - 0.25%. The City will continue to actively monitor the market and its liquidity needs to determine the proper course of action regarding investments.

OPEB Trust

To address the City’s post-employment health care benefit liability, an OPEB Trust was established in Fiscal Year 2015. By creating an OPEB Trust Fund, the City can

finance future OPEB cost/liabilities in large part from the investment earnings provided by the OPEB Trust Fund; i.e., the investment earnings are expected to generate significant revenue to reduce the City’s OPEB obligations.

OPEB Trust Report
OPEB Trust Report
OPEB Trust Report