Santa Monica Lookout
|Santa Monica Investment Portfolio Increases, Report Shows||
By Lookout Staff
November 16, 2016 -- The City of Santa Monica's investment portfolio topped $705 million in August boosted by business license renewals, according to the Cash and Investment Report sent to the City Council last week.
The Cash and Investment Report for August showed that the value of cash and investments held in the City's pooled portfolio rose by $15.9 million to $705.7 million.
The increase reflects receipts from business license renewals accounted for in the August, said Gigi Decavalles-Hughes, the City's finance director and treasurer.
"The portfolio yield is expected to remain within a narrow band over the next few months as uncertainty about the course of future interest rates continues," Decavalles-Hughes wrote in the report sent to the council November 7.
The pooled portfolio yield-to-maturity remained at the the July rate of 1.11 but was 11 basis points over August 2015, according to the report.
Net investment earnings on a cash basis for August were $0.3 million, a 21.4 percent increase over August 2015.
The City's total cash holdings -- which include $3.4 million in debt proceeds and $38.4 million held in trust -- totaled $747.5 million, including $28,922 in cash.
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