- Published on Wednesday, 27 October 2010 04:15
- Written by Bruce Barton
The city of Los Altos received its first quarterly investment report Tuesday after it began a more aggressive investment strategy last year, and it was a positive one.
Under new guidance from San Francisco-based Public Financial Management, the city is earning .71 percent as opposed to .48 percent within the Local Agency Investment Fund, a statewide investment pool among cities. The city’s portfolio, which had before always invested in LAIF, comprises $48,082,083.
According to Carlos Oblites, senior managing consultant at PFM, the new portfolio still contains 75 percent LAIF money, but if economic indicators roll out positively in coming months and interest rates rise, the city could move more of its nearly $30 million in liquid assets into the new strategy.
Read the coming Nov. 3 issue of the Town Crier for more on the topic.