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File #: 23-1057    Version: 1
Type: Report Status: Filed
File created: 10/24/2023 In control: Finance Committee
On agenda: 11/2/2023 Final action: 11/2/2023
Title: Report on the investment interest income during September 2023
Attachments: 1. Inv Int Inc 2023-09 att.pdf

TRANSMITTAL LETTER FOR BOARD MEETING OF NOVEMBER 2, 2023

 

COMMITTEE ON FINANCE

 

Mr. Brian A. Perkovich, Executive Director

 

Title

Report on the investment interest income during September 2023

Body

 

Dear Sir:

 

Attached is a report of cash investment interest income received by the District for the month of September 2023 and a comparison of income for the same period in 2022.

 

The District’s inventory of investments at September 30, 2023, consisted of 220 items having a total par value of $ 866,591,283.99, an average annual yield of 3.95%, and total interest income to maturity of approximately $42.2 million. Inventory figures at the same date in 2022 consisted of 257 items having a total par value of $ 806,860,700.67, an average annual yield of 1.80%, and total interest income to maturity of approximately $17.1 million.

 

Interest Forecast for 2023:

 

On September 20, 2023, the Federal Reserve (Fed) decided to maintain the target federal funds rate range at 5.25-5.50%. The current target median rate for 2023 is at 5.60%. The Fed remains highly attentive to inflation risks and seeks to achieve maximum employment along with inflation at a rate of 2% over time. The Fed will continue to adjust its monetary policy based on its assessment of labor market conditions, inflation pressures and expectations, and financial and international developments.

 

Respectfully Submitted, Mary Ann Boyle, Treasurer, MAB:eh

 

Attachment