Ontario Regulation 438/97, as amended, requires a municipality to adopt a statement of investment policies and goals and requires the Treasurer to submit to Council, at least annually, an investment report. This report outlines investment results for the City for the year ended December 31, 2019 as required by legislation.

Discussion:

2019 Fund Performance

For purposes of the forgoing analysis, investment balances are presented as at December 31, 2019 and represent the book value of the investment plus accrued interest and/or market value gains. Investment yields are indicative of the income earned for the year or part year thereof as described. Investment yield percentages are calculated based upon the average balance of the investment portfolio during the year. Details of portfolio holdings are provided as at December 31, 2019 and are stated at the original principal investment

City of Windsor General Investment Portfolio Performance

As of December 31, 2019, the City had $261.2 million (rounded), inclusive of accrued interest, in general funds invested in various guaranteed investment and short-term deposit instruments that conformed to current legislation and the City’s Investment Policy. A cash balance of $49.3 million (rounded) was held at December 31, 2019 at Scotiabank in a general interest bearing account. This amount excludes an additional $10 million which is held to address the traditional cash low point which falls between the mid November (last tax instalment in 2019) and mid February (first tax instalment for 2020) of the following year. During this time, sufficient cash flow is maintained to fund expenditures prior to the inflow of revenue from tax installments thereby avoiding the need to resort to short-term borrowing. This $10 million is not included in the general investment portfolio.