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<br />e e <br /> <br />At the end of the fourth quarter, the City's portfolio consisted of 63% of the portfolio maturing overnight <br />(see graph below). 37% of the City's portfolio matures in 12-24 months. <br /> <br />By Investment Maturity <br /> <br /> <br />[] Overnight <br /> <br />1112-24 Months <br /> <br />Currently, the 3-month T-Bill is a 1.68%; 2 year, a 2.53%; 5 year, a 3.36%; and, the 20-year is a 4.89% <br />(see yield curve below). <br /> <br /> Yield Curve <br />5.50% <br />4.50% <br />3.50% <br />2.50% <br />1.50% <br />0.50% <br />0 5 10 15 20 <br /> ---3Mon~Ago---Currem <br /> <br /> <br />The overnight rate is currently at 1.75%. Another tightening of25 basis points is expected in November, <br />which will bring the overnight rate to 2%. We will continue to focus on laddering the portfolio to <br />maintain a constant cash flow and a liquid position. <br /> <br />2 Year T-Note <br /> <br />14.00% <br />12.00% <br />10.00% <br />8.00% <br />6.00% <br />4.00% <br />2.00% <br />0.00% <br />~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ <br />c,Q. c,~~ c,"~ c,"~ c,"~ c,"~ c,"~ c,"~ c,"~ c,Q. c,"~ <br /> <br /> <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 /> <br />2 <br />