City Announces Latest Quarter Investment Figures

On June 30, 2011, $45,927,226 of City & Redevelopment Agency were invested, according to city records. This figure will be approved at Monday’s city council meeting. The city invests its money in the County pool and the Local Agency Investment Fund (LAIF).

City investments in the county pool and other funds were jolted three years ago with the financial collapse of the Lehman Brothers. The county had invested a substantial portion of funds in Lehman and lost about $150 million. The loss affected public school funding and set many city’s back.

The recent turbulent stock market put city investments back in the spotlight, with some economists predicting a six-month recovery period due to the market’s recent slump. 

“Total investments reflect an increase of approximately $6.6 million from the quarter ended March 31, 2011,” said city records. “This is primarily due to receipt of the property taxes in fourth quarter offset by payments related to the capital projects. Transfers are made from the investment accounts into checking during the quarter to account for disbursements that exceed receipts.”