Burnaby's cash and investments as of Dec. 31, 2012 came in at more than $610 million, which generated $37.7 million return on investments and an annual yield of five per cent on the city's investment portfolio.
For 2011, the earnings were more than $529 million, according to a finance and civic development 2012 year-end report, with a $34.3 million return.
"The city's investment portfolio is directly impacted by any movement in short-term interest rates during the year, particularly from July onward, when investments reach a high of over one billion dollars upon receipt of tax revenues and then decrease to approximately $560 million in May of the following year," the report states.
The Bank of Canada rate started at 1.25 per cent and closed at the same rate.
For 2013, the city is projecting a slightly lower annual return, "when com-pared to previous years as economic conditions and global constraints have not yet abated," the report states. "The current forecast for 2013 investment income is $36.6 million with an annual yield of 4.75 per cent."
From the above amount, about $7 million is for the annual operating budget with the remainder being distributed to reserve funds.
