NCT: ENCINITAS: City investments in good shape
City Treasurer and investment officer Jay Lembach reported to the Encinitas City Council on Wednesday night that the city's investments are remarkably secure despite dire economic times not seen since the Great Depression.
"I can assure you that our monies are extremely safe," he told the council, adding that even in light of the current credit crisis, the city did not lose any of the principal on its investments during the last fiscal year.
In fact, Lembach said, the city earned more than $4.6 million on its investments, or a return of 4.91 percent, for the fiscal year ending in June.
After the meeting, Lembach said that the current economic climate is the toughest he has seen during his 14 years in the city's finance department, adding that he is proud of the performance of the city's investment portfolio.
"There are any number of agencies which have lost significant money from investing in Lehman Brothers and AIG," he said.
But not Encinitas, which has a $102 million investment portfolio held in a state treasurer's fund for local agencies that uses government bonds and money market funds.
*The Encinitas Taxpayers Association gave credit to city treasurer Jay Lembach back in August, link.
Who else thinks that Jay Lembach should run the city finances instead of Jennifer Smith?