Title
March 2024 Investment Portfolio Report
Memorandum
Attached for your information is the City’s quarterly investment portfolio report as of March 31, 2024. At March 31, the weighted average yield for the portfolio for the quarter was 3.46, versus 3.15% at prior quarter end. The weighted average effective maturity at quarter end is 784 days or 2.15 years versus 2.03 years at prior quarter end.
The safe return of principal is our first priority when investing City funds. As such, 66.90% of our portfolio is invested in U.S. Treasury Securities, with the remaining 33.10% invested in U.S Instrumentality Securities.
The portfolio is positioned to cover the anticipated cash flow in the next fiscal year. As of March 31, we have $71,539,542.58 in our Michigan CLASS investment account earning an average monthly yield of 5.4124%
Staff
Prepared by: Michael J. Pettigrew, City Treasurer
Reviewed by: Marti Praschan, Financial Services Area Administrator and CFO
Approved by: Milton Dohoney Jr., City Administrator