HomeMy WebLinkAbout2021 Q2 Cash and Investment Report
Memorandum
To: Erika Storlie, City Manager
From: Hitesh Desai, CFO/ Treasurer
Subject: 2nd Quarter 2021 - Cash and Investment Report
Date: July 30, 2021
Attached please find the Cash and Investment report as of June 30, 2021.
A comparison between the 2nd quarter and 1st quarter 2021 investment reports indicate
an increase in combined cash & investments of $21,160,671 from $79,470,878 to
$100,631,549. The increase is mainly attributable to money received through the American
Rescue Plan program.
The adverse impact on revenues from COVID 19 has also affected cash and investments
including investment strategies. During the 2nd quarter, we continued to focus on
maintaining the liquidity while striving for the maximum returns on Cash and Investments.
We will continue to monitor the interest rate environment and overall economy.
Cash and investments with individual financial institution are summarized below:
As of June 30, 2021, ledger balances showing the highest percentage of total deposit
was held by Byline Bank at $55.8M or 55.5% of the total. Wintrust was at $28.3M or
28.1%, while IMET was at $8.6M or 8.5% and IL Funds was at $5.9M or 5.9%. Fifth Third
Bank and PMA held a combined total of $2.0M or 2.0%. In this low interest rate
environment, we try to take advantage of the opportunity for higher investment returns by
moving money amongst the banks while also trying to be compliant with our investment
policy of not having over 50% in one institution. Staff will continue to monitor the
allocation of Cash and Investments.
If you have any questions on this report or would like to discuss in greater detail, please
contact me by phone at (847) 448.8082 or by e-mail at hdesai@cityofevanston.org.