By Angela Brown

North Battleford investments see a good start

Nov 1, 2018 | 9:55 AM

The City of North Battleford’s new investment efforts have been faring well, based on a recent report to council.

In May the city deposited $12 million into its investment account to help grow its profits while using conservative strategies. From that amount, initially $6 million each went into a long-term portfolio and into interest savings. 

RBC Dominion Securities Inc. Wealth Management division Wealth Advisor Vice President Brendon Boothman and Associate Portfolio Manager Jerrod Schafer gave the city an update at council’s meeting this week..

The city has made just over $85,000 so far in unrealized and realized gains, based on the report to council since the city started its investment effort.

 As of Sept. 30, a total of $9.5 million was reported in long-term investments, and $2.5 million is in short-term savings, which will be gradually invested into the long-term portfolio.

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Mayor Ryan Bater said the city is proceeding carefully and strategically in making its investment decisions.

“We just implemented our institutional investment program so it was an update from our financial advisors on their activities to date,” said the mayor.  

“It’s a bit of a graduated approach,” added Bater. “This was the first time they have been to council after we have implemented it. So I think we all know there is a lot of volatility in markets and to focus on the long term. This was always intended to be a long-term strategy.”

Schafer said during council that more of the city’s investment funds have been moved into the long-term portfolio.   

“Our strategy of going in slowly has been good timing,” he said.

angela.brown@jpbg.ca

On Twitter: @battlefordsNOW