York Region’s investment income nearly $120 million for last two years
NEWMARKET – York Regional Council received the 2009 Investment Report which shows more than $62.6 million in investment earnings, representing a 5.14 per cent return from The Regional Municipality of York’s general fund portfolio for 2009.
“The 2009 Investment Report demonstrates York Regional Council’s commitment to sound fiscal practices that will benefit York Region taxpayers now and over the long-term,” said York Region Chairman and CEO Bill Fisch. “This higher return on investment helps the Region meet our long-term operating and capital requirements in a more cost effective manner.”
York Region earned more than $56.4 million in 2008, representing nearly $120 million in investment income for 2008 and 2009 combined. This investment income is rolled back into the Region’s reserves fund and in turn reinvested.
The Region has exceeded external performance benchmarks for the past five years by significant margins.
“York Region’s investments have consistently out performed despite the global economic recession,” said Town of Newmarket Mayor Tony Van Bynen, Chair of the Region’s Finance and Administration Committee. “Careful investment management, guided by a comprehensive investment policy, ensures York Region will be better positioned to meet infrastructure needs.”
York Region is required under the Ontario Municipal Act to maintain reserves and to abide by an investment policy.
Reserves are put aside for a variety of purposes including capital asset replacement and repair of such items as water and sewage pipes, Regional roads, transit vehicles and Regional housing units.
York Region’s investment policy is guided by low to moderate risk investments that are constantly monitored and managed by Regional finance staff. York Region’s investments include government issued bonds, debentures and debt.
The Region has a combination of long term and short-term investments which ensures a degree of liquidity of funds to respond to the Region’s immediate capital and operating budget needs.
For more information on The Regional Municipality of York, please visit www.york.ca
Media Contact: Ken Turriff, Corporate Communications, York Region
Phone: 905 830-4444 / Toll Free 1-877-464-9675 ext. 1226
Cell: (905) 251-6415 / Email: firstname.lastname@example.org