City shifts investment strategy to long-term

City shifts investment strategy to long-term
News from New Bern Sun Journal:

New Bern’s financial director is changing the history of city investments to potentially reap some big rewards.

Keith Fiaschetti, New Bern’s finance director, gave aldermen a presentation Tuesday on plans to go from a history of investing short-term securities, mostly T-Bills to longer U.S. Government and U.S Agency notes and bonds.

“I have watched the financial condition of the city in the challenging areas,” Fiaschetti said after the meeting. “I’ve seen the cash levels increase — not as adequately in the general fund and the electric and sewer funds — but I felt it was time to move some money to obtain higher yields. The interest rates keep coming down, and when the feds said it would stay down for about two years, I said ‘Boom! I’m going long-term.’ The feds don’t usually give out that information. I’m using it to the advantage of maximizing the return on public finance.”

This is the first time the city has ever invested in longer-term government bonds and notes, Fiaschetti said.

“The current money market Treasury Bills has a low risk, low return in this economy,” he said. “I wanted to shift to an investment strategy that maximizes the public finance through a longer-term portfolio.”

City funds have increased from about $ 13 million from March 31, 2010, to $ 36 million this past March 31, he said.

Fiaschetti said his departmen…………… continues on New Bern Sun Journal

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