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File #: RS-23-144    Version: 1 Name: Quarterly Investment Report
Type: Resolution Status: Passed
File created: 8/28/2023 In control: City Council
On agenda: 9/26/2023 Final action: 9/26/2023
Title: Consider a memorandum/resolution approving the investment reports for the quarter ended June 30, 2023.
Attachments: 1. Quarterly Investment Report, 2. Presentation

Title

 

Consider a memorandum/resolution approving the investment reports for the quarter ended June 30, 2023.

 

Summary

 

DATE:                     September 19, 2023                     

 

TO:                     Kent Cagle, City Manager                     

 

FROM:                     Judith Tangalin, Executive Director of Finance                     

 

SUBJECT:                     Quarterly Investment Report                     

 

BACKGROUND AND FINDINGS:

 

The attached investment reports summarize all investment activity for the quarter ended June 30, 2023. The highlights of the report are as follows:

 

Quarter ended June 30, 2023:

 

Jan. - March 2023

Apr. - June 2023

Change

Interest Income

$2,033,928

$2,220,192

9.16%

Investment Balance

$245,694,328

$235,515,996

-4.14%

Average Yield

3.47%

3.80%

9.51%

 

 

THE ALTERNATIVES CONSIDERED:

 

N/A

 

Which alternative is recommended? Why?

 

N/A

 

CONFORMITY TO CITY POLICY:

 

The City of Killeen’s investment policy requires that a quarterly report of investment activity be submitted to the City Council within a reasonable time after the end of each quarter.  The quarterly report includes a detailed description of the investment position of the City, summarizes the investment activity in each pooled fund group, states the total rate of return on the investment portfolio, and contains information regarding the market value and book value of each separately invested asset.

 

FINANCIAL IMPACT:

 

What is the amount of the expenditure in the current fiscal year? For future years?

 

N/A

 

Is this a one-time or recurring expenditure?

 

N/A

 

Is this expenditure budgeted?

 

N/A

 

If not, where will the money come from?

 

N/A

 

Is there a sufficient amount in the budgeted line-item for this expenditure?

 

N/A

 

RECOMMENDATION:

 

City Council approve the attached investment reports for the quarter that ended June 30, 2023.

 

DEPARTMENTAL CLEARANCES:

 

Legal

 

ATTACHED SUPPORTING DOCUMENTS:

 

Presentation