TRANSMITTAL LETTER FOR BOARD MEETING OF MAY 6, 2010
COMMITTEE ON FINANCE
Mr. Richard Lanyon, Executive Director
Title
Report on investment inventory statistics at March 31, 2010
Body
Dear Sir:
Attached is the report of Investment Inventory Statistics at March 31, 2010.
The average interest rate of the investment inventory at the end of March was 0.93%, up from 0.74% at December 31, 2009. The total par value of the inventory was $1,028,191,969.57 at month-end.
The Federal Funds rate, a daily borrowing rate between banks, was 0.11% at month-end, unchanged from December 31, 2009. The average yield on the benchmark 90-day Treasury Bill at March 31st was 0.15%, while the District ending investment portfolio average interest rate was 0.93%, significantly greater than the benchmark for the portfolio. The average level of investment for the quarter was 100% of available funds.
Please also see the attached discussion of the current investment market and the District’s investment philosophy (Exhibit 1).
Respectfully Submitted, Harold G. Downs, Treasurer, HGD:wns
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