The District has significant ongoing surplus and reserve balances (during tax due date, for example). These funds are invested within the restrictions of the Community Charter and the District’s Investment Policy to earn a return for the District.
The District’s investment advisors assist with managing investment activity and provide quarterly reports on the performance of the portfolio.
As a result of an RFP, the District’s investment management services contract was awarded to Phillips, Hager & North Investment Management (Canada) Limited (PH&N) during 2012. In December 2012, the District’s investment portfolio was liquidated and funds were invested in the Municipal Finance Authority of BC (MFA) Pooled Funds that are managed by PH&N.
The District’s Funds are invested in three fixed income investment portfolios offered by the MFA:
Money Market Fund: for investments of less than one year
Intermediate Fund: for investments from one to three years
Bond Fund: for investments of more than three years
The quarterly investment reports consist of:
- a Performance Report of MFA of BC Pooled Investment Results
- an Account Statement showing the balance of the District’s investment in each of the fixed income portfolios
For more detailed information about the MFA of BC, investments of the Pooled Funds and other activities of the MFA, please refer to its website.
For more information, please contact Financial Services.