Yielding an average rate of return of 5.1 per cent, the City of Greater Sudbury’s total investment income from all sources last year was $37.9 million.
This is a significant jump from the $16.9 million of municipal interest earnings recorded in 2022.
These earnings come as a result of the city’s finance department investing money throughout the year following their Investment Policy Statement, including both short- and long-term investments.
Investment income of $12,221,068 was credited to the city’s reserve and trust funds (a more-than doubling of the $5,216,188 recorded in 2022).
The balance of the city’s investment income was earned by capital and operating funds, and credited to the city’s operating fund ($25,688,632, which was a jump from the $11,713,039 recorded in 2022).
Last year’s City of Greater Sudbury investment portfolio totalled $633.4 million, including:
- $2.4 million in Canadian bonds
- $46.6 million in provincial bonds
- $12.9 million in municipal bonds
- $571.4 million in term deposits, GICs, etc...
The average rate of return in 2022 was 2.31 per cent, and the average rate of return in 2021 was 1.27 per cent.
These financial details were released in the city’s 2023 Investment Report, which was tabled this week in advance of the June 18 finance and administration committee meeting of city council.
