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NEWS
By Brittany Levine, brittany.levine@latimes.com | November 18, 2011
When Mayor Laura Friedman called City Treasurer Ron Borucki to the podium during this week's City Council meeting Tuesday to give his quarterly investment report, she asked for good news. “One of these days,” Borucki said. “We keep on wishing and a-hoping.” “I'll keep asking that until I get a 'yes,'” Friedman replied. Instead of the positive news Friedman sought, Borucki's report included a familiar refrain: Glendale's portfolio ended the fiscal quarter down millions of dollars, prompting two council members to call for a review of the city's investment policy.
NEWS
By Brittany Levine, brittany.levine@latimes.com | November 16, 2012
City Treasurer Ron Borucki acknowledged there were “no surprises” when he issued yet another dismal report for the city's investment portfolio this week at City Hall. “Balances are down, rate of return slipped a basis point and quarterly earnings are down,” Borucki told the City Council on Tuesday. At $382 million, the portfolio fell $9 million compared to the prior period, continuing the slide it's been on since interest rates became stuck at historically low levels.
NEWS
By Megan O'Neil, megan.oneil@latimes.com | April 12, 2012
Handing high school students $35,000 with which to play the stock market might not seem like the best way to boost a school endowment, but in 1997, that is what trustees at Flintridge Preparatory School did. The gamble has paid off. Over the years, students in Assistant Headmaster Peter Vaughan's investments class have turned the $35,000 grubstake into a $188,000 portfolio that helps support school arts and athletic programs. When Vaughn launched the class, he half expected his students to gamble away the principal - $35,000 cobbled together by school trustees - on penny stocks.
NEWS
By Brittany Levine brittany.levine@latimes.com | August 22, 2011
At the beginning of the fiscal year, City Treasurer Ron Borucki had questioned the market's ability to recover, but was hopeful that despite two-year lows, interest rates would rise. His hopes didn't last long. “Would this third year be the one where the recovery catches fire, where people go back to work, where consumer spending picks up, and where interest rates finally pick up and start to rise? Nope, not this year,” Borucki wrote in a report to the City Council. Glendale's investment portfolio dropped to $409 million, down $39 million from $448 million at the end of last fiscal year, according to the report.
NEWS
By Jason Wells | November 4, 2008
CITY HALL — Glendale’s $440-million investment portfolio continues to ride out the storm on Wall Street with top-rated holdings in mostly federally backed institutions, according to the city’s first-quarter report. While the portfolio ended the period between July and Sept. 30 down by $29 million, $22 million was attributed to the city’s first-ever lump-sum payment to the state Public Employees Retirement System. Paying the annual assessment up front rather than monthly was expected to save the city roughly $840,000, city officials said.
NEWS
By Jason Wells | August 17, 2009
CITY HALL — Glendale’s sizable municipal investment portfolio, hampered by anemic federal interest rates, ended the fiscal year at $483 million, according the city treasurer’s 2008-09 annual report. The city’s portfolio is almost entirely tied to investments that depend heavily on interest rates set by the Federal Reserve, which means the historically low rates have cut into returns. Still, the portfolio generated $12.4 million in earnings for the general fund, and ended fiscal year 2008-09 up $14 million compared to the year before, although most of that was due to one-time repayments, according to the report.
NEWS
November 27, 2001
Tim Willert CITY HALL -- For years, Ron Borucki sold bank products and financial services to city treasurers and finance directors. Now he sits on the other side of the desk. Borucki left banking in 1999 after 34 years to become Glendale's city treasurer. As such, Borucki is the city's banker, the man who manages the city's $425-million portfolio. Borucki makes investment decisions for the city, following state guidelines. As a result, the city only invests in bonds and does not invest in the stock market.
NEWS
By Jason Wells | August 16, 2007
CITY HALL — Amid the doom and gloom of the international credit market and fears of a recession, City Council members got a dose of good financial news Tuesday: Returns on city investments are up. While the size of the city’s investment portfolio grew $10 million over the past year to $484 million, the most telling columns on the spreadsheets were those on interest earnings, up $3.1 million to $18.8 million for the year, city Treasurer...
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NEWS
By Brittany Levine, brittany.levine@latimes.com | September 12, 2013
Glendale's portfolio continues to slide, but City Treasurer Rafi Manoukian forecast an uptick in interest rates around the corner, which bodes well for Glendale's investment opportunities. The city's investment portfolio sank to $372 million, which is $20 million less compared to last year, according to a report Manoukian gave to the City Council Tuesday night. The portfolio has been sliding for the past five years. The portfolio had about $410 million in June 2011, but historically low interest rates have dampened the bond market in which Glendale invests its treasury.
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NEWS
By Brittany Levine, brittany.levine@latimes.com | February 22, 2013
Halfway into the fiscal year and things look grim for gains in Glendale's investment portfolio. “Where I thought that the bottom was last year, let's just say that these certainly are challenging times,” said City Treasurer Ron Borucki during a City Council meeting Tuesday. Historically low interest rates - which determine the city's returns on investments - are far from bottoming out, causing Borucki to second-guess his original projection of a $4-million gain by the end of the fiscal year on June 30. By the end of last fiscal year, the city made $4.3 million from its investments.
NEWS
August 16, 2012
Glendale's investment portfolio ended the fiscal year in June at $393 million, down $16 million from the same period last year, according to a city report released this week. The city's investment returns have been stifled by low interest rates and a still struggling economy. “We haven't lost $16 million, we have spent $16 million, but that hasn't been replaced,” said City Treasurer Ron Borucki. “More dollars flow out of the portfolio than are coming in.” The city's interest earnings for the year finished at $4.3 million, down from $5.8 million in the previous year.
NEWS
May 16, 2012
The city's investment portfolio continues to get pinched amid slow economic recovery, officials reported this week, ending $11 million down compared to the previous fiscal quarter. With the third quarter results out, the $385-million portfolio has now been on a downward trend for more than a year. “In a nutshell, it's not getting easier out there,” City Treasurer Ron Borucki told the City Council on Tuesday. The rate of return for the third quarter dropped 10 basis points to 1.02% at the end of March, according to a city report.
NEWS
By Megan O'Neil, megan.oneil@latimes.com | April 12, 2012
Handing high school students $35,000 with which to play the stock market might not seem like the best way to boost a school endowment, but in 1997, that is what trustees at Flintridge Preparatory School did. The gamble has paid off. Over the years, students in Assistant Headmaster Peter Vaughan's investments class have turned the $35,000 grubstake into a $188,000 portfolio that helps support school arts and athletic programs. When Vaughn launched the class, he half expected his students to gamble away the principal - $35,000 cobbled together by school trustees - on penny stocks.
NEWS
By Brittany Levine, brittany.levine@latimes.com | February 15, 2012
Glendale's investment portfolio ended the second fiscal quarter at $396 million, down $2 million from the end of the previous quarter, according to the latest report. The portfolio's slip is driven by historically low interest rates, which have factored heavily into the investment portfolio's downward slide. “It is remarkable that after three years of historically low interest rates, rates have yet to improve, and it's even more remarkable that these rates continue to fall,” City Treasurer Ron Borucki told the City Council on Tuesday.
ENTERTAINMENT
By L. Thompson | February 3, 2012
Anyone who has been a child at any point in the past four decades has, knowingly or not, appreciated the work of Michael Humphries. From small-screen stalwarts like “The Jetsons,” “SuperFriends,” “Scooby-Doo” and “Smurfs” to big-screen beauties like “The Lion King” and “Who Framed Roger Rabbit?,” the handiwork of Humphries has always been in the background - literally. “I'm basically a landscape painter,” he says. “That's what I've done since I was a kid of probably 11 years old.” This weekend, he'll be showing off his skills in a more traditional fashion in “Heart and Soul,” an exhibition of paintings at his La Cañada gallery - where his work hangs alongside those of local artist Trish Kertes.
NEWS
By Mark Kellam and Brittany Levine mark.kellam@latimes.com, brittany.levine@latimes.com | October 2, 2011
It's a tale of two cities in two very different positions as the utilities in Burbank and Glendale work to meet strict state mandates for using renewable energy. At 21%, Glendale Water & Power is ahead of schedule in hitting the first benchmark - that public utilities must get 20% of their power from renewable energy sources, such as wind, solar and geothermal, by Dec. 31, 2013. Steve Lins, assistant general manager of supplies, told the Glendale City Council on Tuesday that the utility was “well on track.” “We're way ahead of the game,” he said.
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