TRANSMITTAL LETTER FOR BOARD MEETING OF APRIL 18, 2024
COMMITTEE ON FINANCE
Mr. Brian A. Perkovich, Executive Director
Title
Report on investment inventory statistics at March 31, 2024
Body
Dear Sir:
Attached is a report of Investment Inventory Statistics at March 31, 2024, and a summary of Financial Market Statistics for the first quarter of 2024.
The average interest rate of the investment inventory at the end of March was 4.42%, an increase from 4.32% at December 31, 2023. The total par value of the inventory was $1,079,809,025.65 at month-end. The average level of investment for the quarter was 100% of available funds, exclusive of required compensating cash balances.
The District’s portfolio underperformed its benchmark, the 90-day Treasury Bill, whose twelve-month rolling average yield was 5.30% as of March 31, 2024. The Federal Funds rate, a daily borrowing rate between banks, was 5.33% at month-end, reflecting high short-term interest rates.
Respectfully Submitted, Wendy N. Sin, Acting Treasurer, WNS:eh
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