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<br />. <br /> The report shall compare the total rate of return with other <br /> benchmar ks- <br /> This compares to the average rate for a 2 year US Treasury <br /> bi 11 for 1991 of 6.45%. <br /> The repor t s ha 11 contain a discuss ion .....9..i the outlook for <br /> interest rates and the economic trend for the upcominq year <br /> inves tmen t stra teq ies to be imp lemen ted and budqe tary <br /> expectations for inves tmen t income- <br /> The outlook for interest rates for 1992 is essen tia 11 y f la t. <br /> Our investment advisors: <br /> Mr. Gary Jeub of Piper Jaffray and Hopwood, and <br /> Mr. Richard Knowlton of Shearson Lehman, <br /> both feel that there may be a slight reduc tion in rates ~! <br /> in the near term with a very gradual increase as the ~ <br /> economy beg ins to recover from the recession dur ing 1992. <br /> The es tima ted annualized rate of return for 1992 should be <br />. in the range of 6.51. to 71.. <br /> I be 1 ieve con tinua tion of present strategy is appropr ia te and <br /> our <br /> expect the average annualized rate of return for our par tfo 1 io to <br /> exceed the benchmark 2 year US Treasury Bill average rate by <br /> about 1 1/21. to 2Y. for the year 1992. <br /> I have discussed this repor t with the Finance Committee, and am <br /> herewi th submitting this Annua 1 Repor t to the City Council <br /> pursuan t to the annual repor ting requ iremen t of the Investment <br /> Po 1 icy. <br /> Frank C. Green <br /> Treasurer <br /> March 30, 1992 <br />. <br /> '1" <br /> - l <br /> I <br /> i <br /> :1 <br />