County of Essex Council receives highlights on 2023 Investment Performance Review

Local Journalism Initiative
·1 min read

Essex County Council received a report highlighting investment performance in 2023 as information during its May 1 meeting.

Last year, the County realized investment income over $12.5M, with $1.453M allocated to operations and the remainder transferred to various reserves.

As of December 31, 2023, the County’s investments were distributed across 10 institutions, including a range of short, medium, and long-term instruments, with a total portfolio value of over $298,572,019.“

From CIBC to Scotiabank, our portfolio reflects the strategic diversification aimed at mitigating risk and maximizing returns,” Melissa Ryan, Director of Financial Services/Treasurer, said, adding the report sheds light on several key aspects of the County’s investment portfolio.

She said investments are carefully managed to ensure stability and growth.“In analyzing the market landscape of 2023, we witnessed significant sifts among economic uncertainties and geopolitical tensions, however, our diversified portfolio remained resilient with a realized investment income of over $12.5M.

“In terms of return on investment, the revenue generated from our investment portfolio plays a vital role supporting both our Operating Budget, as well as presents an opportunity to grow our reserves,” Ryan added.

As the County looks into 2024, the investment strategy will remain focused on a balanced approach, in line with the County Investment Policy, Ryan said.

Sylene Argent, Local Journalism Initiative Reporter, Essex Free Press

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