The city had $950.3 million in its investment portfolio as of Dec. 31, 2023.
Of that amount, $297.5 million is held in short-term investments (bonds and GICs) which mature in less than a year, as well as FortisBC shares and cash in the city鈥檚 bank account.
Long-term investments, maturing in one to 10 years, total $493.5 million. There is also $159.4 million in the city鈥檚 endowment fund.
鈥淚n 2023, the city鈥檚 average rate of return was 3.9 per cent,鈥� said Melanie Antunes, financial planning manager. 鈥淕iven our investment mix鈥s investments mature, the city is reinvesting in higher-yielding investment vehicles.鈥�
The strategy provides more predictable cash flows and more accurate budgeting.
The city鈥檚 portfolio experienced its lowest rate of return in 2021 when interest rates around the world neared zero.
鈥淭he Bank of Canada started raising interest rates in 2022 and the City of 麻豆精选 has garnered more favourable investments as a result of the increase in interest rates during 2022 and 2023,鈥� Antunes added.
READ MORE: Councillors pay tribute to 麻豆精选 鈥榠con鈥� Marion Bremner
READ MORE: Early spring scorches 110-year-old Okanagan weather records
