Alaska Municipal League (AML) is the statewide nonprofit organization that represents Alaska's cities, boroughs and unified municipalities. It lobbies the Alaska Legislature and federal agencies on municipal funding, grant rules and postal service issues for Alaska communities.
akml.org ↗One Sealaska Plaza, First St Ste.302, Juneau, AK 99801, USA
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Kodiak moves $20 million from bank and pool accounts into managed investments
Kodiak Finance Director Julie Liew moved $20 million in city cash into investments managed by Alaska Permanent Capital Management in August and September, according to the meeting packet for the city's Investment Committee, which meets Wednesday at 3 pm.
The move, first reported Oct. 3 after the first $10 million went in, lifted the city's managed balance from about $38.3 million at the end of July to $58.1 million at the end of September. That is 70.9% of an $82 million target set by the city's cash adviser, Three+One.
On Aug. 11, $10 million came out of the city's interest-earning Wells Fargo sweep account, dropping it from $40.4 million to $30.4 million. On Sept. 15, another $10 million came out of the city's main account in the Alaska Municipal League Investment Pool, cutting it from $30.4 million to $20.4 million.
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