HomeMy WebLinkAbout2021 Q1 Cash and Investment Report
Memorandum
To: Erika Storlie, City Manager
From: Hitesh Desai, CFO/ Treasurer
Subject: 1st Quarter 2021 - Cash and Investment Report
Date: May 14, 2021
Attached please find the Cash and Investment report as of March 31, 2021.
A comparison between the 1st quarter 2021 and 4th quarter 2020 investment reports
indicate an increase in combined cash & investments of $12,800,395 from $66,670,483 to
$79,470,878. The increase is mainly attributable to Property Tax receipts.
The adverse impact on revenues from COVID 19 has also affected cash and investments
including investment strategies. During the 1st 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 March 31, 2021, ledger balances showing the highest percentage of total deposit
was held by Byline Bank at $45.8M or 57.7% of the total. Wintrust was at 13.6M or
17.1%, while IMET and IL Funds were both at $8.6M or 10.8%. Fifth Third Bank held
$1.6M or 2.0%, and PMA held $1.3M or 1.6%. 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.