| Most of
the City’s cash is invested with the Local Government Surplus
Funds Trust Fund Investment Pool with the State Board of Administration
(“SBA”) of Florida. Temporarily idle cash is invested
for a period of three to four days in an interest bearing account
with a local banking institution before being transferred to the
SBA. In addition, the City utilizes the services of an investment
management firm – PFM Asset Management, LLC to assist
in enhancing investment returns on non-pension related funds. Salem
Trust Company manages the City’s pension funds.
As of September 30, 2003 the City’s portfolio was invested
as follows:
| Investment
Area |
Amount
(Millions) |
Percent
of Total |
| SBA
|
$
135.6 |
14.6% |
| Pension
Funds |
140.9 |
48.4 |
| Investment
Manager |
9.7 |
3.3 |
| Sun
Trust/Other |
4.9 |
1.7 |
| Total |
$
291.1 |
100.0% |
During FY 2003, SBA yields have gone from 1.91% to 1.32% as of September
30, 2003.
|
