GLENDALE'S CONSERVATIVE FINANCIAL APPROACH PAYS DIVIDENDS.Byline: Helen Helen, in Greek mythology, the most beautiful of women; daughter of Leda and Zeus, and sister of Castor and Pollux and Clytemnestra. While still a young girl Helen was abducted to Attica by Theseus and Polydeuces, but Castor and Pollux rescued her. Gao Staff Writer GLENDALE - Despite the dot.com crash and a slowing economy, the city's investment portfolio grew by nearly $89 million - from $322.7 million to $411.5 million - in fiscal 2000-01. Counting $22.6 million in interest earnings, the city's rate of return stood at 6.23 percent, compared with 5.62 percent in fiscal 1999-2000, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the financial report presented Tuesday to the City Council. ``This is a good year,'' said Ronald Borucki, the city treasurer. ``It's something we are kind of proud of. We were able to manage our strategies in a very difficult year.'' The fiscal year started with the Federal Reserve raising interest rates to stem inflation and ended with the Fed slashing slash·ing adj. 1. Bitingly critical or satiric: slashing wit. 2. Dashing; pelting: a slashing hailstorm. 3. rates to stave off stave n. 1. A narrow strip of wood forming part of the sides of a barrel, tub, or similar structure. 2. A rung of a ladder or chair. 3. A staff or cudgel. 4. Music See staff1. a recession, he noted. Borucki attributes the city's success to its stable and diversified diversified (di·verˑ·s portfolio. A vast majority of the city's funds - 66 percent - are invested in federal agency notes. The rest are spread among corporate notes, commercial papers, certificates of deposits, the Local Agency Investment Fund and treasury notes. ``We pride ourselves on being a very fiscally responsible community,'' said Borucki. The city's investment fund is comprised of earnings from previous years and funds that are idle - a combination of what is available in the general fund, reserves, and money that is set aside for long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. capital improvement projects. Earnings from the investment portfolio are put back into various funds according to their contributions. With the talk of recession and further interest rate cuts by the Fed, Borucki expects this fiscal year will be even more challenging. ``Folks better not get spoiled with the 6.23 percent rate of return,'' he said. |
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