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J <br />CITE ®B 1LA P®HtT]E <br />r: <br />Hnteroffice Memorandum <br />TO: Barry Beasley, Councilman <br />Howard Ebow, Councilman <br />Chuck Engelken, Councilman <br />Tommy Moser, Councilman <br />Louis Rigby, Councilman <br />Debra Brooks Feazelle, City Manager <br />)FROM: Cynthia Alexander, Assistant City Manager <br />Shelley Wolny, Investment Officer <br />IDATIE: July 15, 2005 <br />StTBJECT: Quarterly Investment Report <br />For the third quarter of the 2005 fiscal year, the City's investment portfolio yield has been between 2.79% <br />and 2.93%. The average return on the portfolio for the third quarter of the fiscal year was 2.87%, which is <br />21 basis points below the average yield of our benchmark, which was 3.14% (see graph below). The <br />current year to date interest earned for the 2005 fiscal year is $656,336. <br />City vs. Benchmark <br />3.50% <br />3.00% <br />2.50% <br />2.00% <br />1.50% <br />1.00% <br />a ~ A~` h h Ah 5 5 h <br />-Portfolio Yield Benchmark <br />At June 30"' the City's portfolio consisted of 55% in Agency Notes, 25% in Texpool, 9% in TexSTAR <br />and 11% in Logic (see pie chart below). <br />By Investment Type <br />25% <br />55% 9% <br />11% <br />©Texpool ~ TexSTAR D Logic ~ Agency Notes <br />The Fed has increased the overnight rate four times since December 2004, and is likely to increase the <br />rate a few more times. The current overnight rate as of June 30~' is 3.25. With that said, our main focus <br />is to continue to ladder the portfolio. <br />