PRESENTER: Presenter
Carren Ridge, Accounting and Treasury Manager
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SUBJECT: Title
Approval of the City of New Braunfels FY 2024 Third Quarter Investment Report.
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DEPARTMENT: Finance
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COUNCIL DISTRICTS IMPACTED: N/A
BACKGROUND INFORMATION:
State of Texas statutes require quarterly investment reports be presented to the governing body of a municipality. In addition, the Investment Policy adopted annually by the City Council requires quarterly reporting to the City Council.
Attached for Council consideration is the FY 2024 Third Quarter Investment Report to meet these statutory requirements. As of June 30, 2024, the City had $252,963,932 (market value) invested in different investment instruments including cash, as shown below. The portfolio decreased by $24,905,273 due to capital and debt service expenditures.
The weighted average maturity of the City’s portfolio increased by nine days in comparison to the second quarter of FY 2024. This is due to the purchase of certificates of deposit through the CDARS program, along with agency securities. These investments had maturities ranging from one month to two years.
For the third quarter, the weighted average yield of the City’s investments was 5.11 percent, a decrease of .02 percent from the second quarter FY 2024.
We continue to research safe investment options in a slowing economy while being mindful of bond project cashflow needs and security of principal.
ISSUE:
N/A
STRATEGIC PLAN REFERENCE:
Strategic Priority: Organizational Excellence
Objective: Considering statutory and market-based factors, continue to diversify revenue streams to support long-term fiscal sustainability of the organization.
FISCAL IMPACT:
N/A
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RECOMMENDATION:
Staff recommends approval of the attached investment report.