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Yield Curve <br />4.00% <br />3.00% <br />2.00% <br />1.00% <br />0.00% <br />Treasury Bills <br />3 months agocurrent <br />The most current overnight rate was set on December 16, 2008 at 0.00% to 0.25%.The target funds rate <br />is projected toremain unchanged through 2014. The consensus among economists is that the Fed Funds <br />rate may slowly start to increase beginning in the spring of 2015, although that highly depends on the <br />health of the economy. We will continue to focus on laddering the portfolio to maintain a constant cash <br />flow and a liquid position. <br />2 Year T-Note <br />8.00% <br />6.00% <br />4.00% <br />2.00% <br />0.00% <br />In summary, we will continue to invest the City’s funds in conservative investments, as authorized by the <br />Public Funds Investment Act, always keeping in mind Safety first, and then Liquidity and lastly Yield. <br />3 <br /> <br />