Despite the pandemic in the rear-view mirror, and high inflation and interest rates not seen in decades, the City of Kelowna has weathered the storm when it comes to investments.
With two of those three economic dampeners no longer a threat, at least for now, there is a more recent challenge testing financial planners at city hall.
香蕉视频直播橬ow we find ourselves with geopolitical trade challenges,香蕉视频直播� Joe Sass, chief financial officer, told council at its March 17 meeting, referring to tariff threats from the United States.
Sass added the city is well-positioned.
香蕉视频直播淔rom a budget standpoint, we have many touch-points with council to evolve our budget if and when we need to do it. We have our critical incident response team to monitor ongoing changes.香蕉视频直播�
The vast majority of city procurement is Canadian, he noted, and while there may be room for improvement, there is limited upside.
The city has reduced its short-term, and increased its long-term investment strategy to provide a cushion as the Bank of Canada reduces interest rates to reduce the tariff challenges.
香蕉视频直播淲e remain agile. We remain watching closely for things that may impact us but I think for today we are well-positioned and where we should be,香蕉视频直播� Sass pointed out.
As of Dec. 31, 2024, the city's investment portfolio had a market value of $936.5 million, reflecting a decrease of $13.9 million from the previous year. Sass explained that the decline was mainly due to higher liquidity needs for accelerated capital delivery, partially balanced by realized and unrealized gains.
Kelowna香蕉视频直播檚 Legacy Endowment Fund, established using proceeds from the sale of the city香蕉视频直播檚 electrical utility, increased by 13.6 per cent last year.
City of Kelowna's portfolio balances and asset allocations for 2023 and 2024.
Looking ahead, Sass noted that the city is well diversified.
香蕉视频直播淭he treasury team, working through the audit committee and council, will amend our plan as necessary and continue to take a strategic approach to managing our money,香蕉视频直播� he added.
