HomeMy WebLinkAboutFIN 05-26
Report to
Council
Report Number: FIN 05-26
Date: May 25, 2026
From: Stan Karwowski
Director, Finance & Treasurer
Subject:
Investment Portfolio Activity for the Year Ended December 31, 2025
Ontario Regulation 438/97 under the Municipal Act, 2001
File: F-3700-001
Recommendation:
1. That Report FIN 05-26 regarding the Investment Portfolio Activity for the Year Ended
December 31, 2025 be received for information.
1.0 Executive Summary:
The purpose of this report is to share a summary of the investment activity and year-end
balance in the portfolio for 2025. Current Fund investments are limited to one year or less and
Reserve Funds to 10 years or less under the Council approved policy. The last few years have
seen the value of the portfolio consistently rise which is primarily as a result of the ongoing
development in Pickering which provides the collection of development charges. Overall,
returns on the City’s portfolio compare favourably to market benchmarks.
2.0 Relationship to the Pickering Strategic Plan:
The recommendations in this report respond to the Pickering Strategic Plan Priorities of
Champion Economic Leadership & Innovation; Advance Innovation & Responsible Planning to
Support a Connected, Well-Serviced Community; Strengthen Existing & Build New
Partnerships; and Foster an Engaged & Informed Community.
3.0 Financial Implications:
Total investment income including bank account interest for 2025 was $7.06 million (2024 -
$9.65 million) of which $3.98 million (2024 - $7.09 million) was for Current (Operating) Funds.
The balance of the income was allocated to the various reserve funds. Lower investment
FIN 05-26 May 25, 2026
Page 2
income in 2025 compared to 2024 is the result of lower interest rates from all investment
sources.
4.0 Discussion:
The purpose of this report is to share a summary of the investment activity and year-end
balance in the portfolio for 2025. Current Fund investments are limited to one year or less and
Reserve Funds to 10 years or less under the Council approved policy. The last few years have
seen the value of the portfolio consistently rise which is primarily a result of the ongoing
development in Pickering which provides the collection of development charges. Overall,
returns on the City’s portfolio compare favourably to market benchmarks.
The City’s investment portfolio is comprised of two main components:
(i) Reserve Funds; and
(ii) Balances available in the Current Fund, when not required to meet current operating
expenditures.
The latter balance can vary greatly depending upon many factors including the timing of the
receipt of property taxes and levy payments to the School Boards and the Region.
Investments are undertaken as one consolidated pool of funds and interest earned is credited
back to the appropriate funds.
The Treasurer of the City of Pickering is required under Provincial Regulation 438/97 to report
certain information and opinions to Council. The schedules to this report are included as part of
the Regulation’s information requirements. The portfolio balance of $233.2 million (2024 -
$204.2) as at December 31, 2025 has increased over the prior year. However, the City’s
outstanding capital commitments for the year ending December 31, 2025 is estimated to be
$154 million. The increase is primarily as a result of the increase in development charge
collections over the prior year from the ongoing building activity in the City, particularly in the
Seaton area.
The return on the portfolio, maintained with Nesbitt Burns, decreased in 2025 with a weighted
yearly rate of return of 4.31% (2024 – 4.99%) on the combined short-term and long-term
investments. This was as a result of the interest rates that were elevated from January to
August 2024, beginning to decline; short-term rates were averaging at 4.50 % at the end of
2024, the average of the short-term rates at the end of 2025 were 3.21%. The average rate of
the investment portfolio for both the short-term and long-term investments is 4.07%.
The City’s holdings of investments in the portfolio continue to be mainly guaranteed investment
certificates (GIC) to take advantage of higher yields. Since GICs don’t provide the same
liquidity, the City also changed the timing of maturities to a ladder approach with both the
short-term and long-term paper, to allow for maturities every month. As a result, the City was
able to lock into GICs to obtain higher yields but also ensuring sufficient cash flows to meet the
FIN 05-26 May 25, 2026
Page 3
City’s financial needs. The decreases in the Bank of Canada rate from June to December 2024
had an impact on the 2025 portfolio’s performance. With the Bank of Canada rate lowered in
2025, a reduction in the 2026 portfolio performance is anticipated.
The net performance on TD Wealth’s portion of the portfolio for 2025 was 5.12% (2024 –
5.39%). Again, with the interest rates declining after August 2024, the portfolio’s performance
began to decline. TD Wealth’s short-term investments represent 7.88% of total short-term
investments held in the investment portfolio.
In July 2025, the City of Pickering added a High Interest Savings Account (HISA) held by ONE
Investment. ONE Investment is a not-for-profit company that has been helping Ontario
municipalities with their investment needs for over 30 years. The company's mission is to
empower Ontario municipalities to harness the power of investments as a financial planning
tool. The High Interest Savings Account’s balance of $30.25 million at the end of 2025 is fully
liquid and readily available for the City of Pickering’s needs. The average rate of return in 2025
was 3.09%.
For comparison purposes, the following benchmarks provide the closest representative return
data. When considering these benchmarks, there are issues that should be taken into
consideration when comparing the representative rates of return. First, the guidelines set out in
the Municipal Act prohibits Municipalities from owning any fixed income investments that are
not either government guaranteed or issued by a major Canadian Chartered Bank. Canadian
money market funds used to construct the Morningstar Canadian Money Market Index contain
a high percentage of higher yielding money market products including investments such as
asset backed securities, some of which the investment guidelines within the policy prohibits.
Also, the City’s investment portfolio has a smaller percentage of qualified fixed income
investments that are slightly longer than the one-year maturity period that typically defines
money market investments. The annual returns from both Nesbitt Burns and TD Wealth either
outperformed or were in-line with FTSE Canada 91 Day T-Bill Index (formerly CIBC Canada 91
Day T-Bill Index) (2.97%) and the Morningstar Canadian Money Market Mutual Fund Index
(2.84%).
The average return on interfund investments (internal loans) was 4.58% (2024 – 3.71%).
At year-end 2025, the total portfolio of approximately $233.2 million, consisted of
approximately $123.1 million or 52.8% in external long-term investments and approximately
$594 thousand or 0.25% in Interfund Investments (Internal Loans). The balance of
approximately $109.5 million is short-term investments due within the year.
All investments were made in accordance with the Investment Policy approved by Council on
March 4, 1998 (Resolution #56/98).
Attachments:
1. Investment Activities for 2025
FIN 05-26 May 25, 2026
Page 4
2. Outstanding Investments as of December 31, 2025
3. Investment Account Overview - Correspondence from BMO Nesbitt Burns
4. Performance Report - Correspondence from TD Wealth
5. Statement of Account – Correspondence from ONE Investment
6. History and about the ONE High Interest Savings Account
Prepared By: Susan Marsh, Manager, Accounting Services
Approved/Endorsed By: Stan Karwowski, Director, Finance & Treasurer
SK:sm
Recommended for the consideration of Pickering City Council By:
Marisa Carpino, M.A.
Chief Administrative Officer
Financial Purchase Maturity
Institution Instrument Cost Principal Yield Term Date Date
Short Term
Nesbitt Burns Bank of Montreal GIC Annual 5,418,000 5,418,000 5.260% 366 16-Jan-24 16-Jan-25 Matured
Bank of Montreal GIC Annual 9,323,067 9,323,067 5.160% 367 28-Jun-24 30-Jun-25 Matured
Bank of Montreal MRTG CORP GIC Annual 9,327,850 9,327,850 5.160% 367 28-Jun-24 30-Jun-25 Matured
Bank of Montreal TRUST CO GIC Annual 8,862,726 8,862,726 5.160% 367 28-Jun-24 30-Jun-25 Matured
Bank of Montreal GIC 8,900,000 8,900,000 4.210% 272 08-Oct-24 07-Jul-25 Matured
Bank of Montreal TRUST CO GIC Annual 5,613,304 5,613,304 5.060% 365 22-Jul-24 22-Jul-25 Matured
Bank of Montreal GIC Annual 10,700,000 10,700,000 4.220% 365 02-Oct-24 02-Oct-25 Matured
Bank of Montreal MRTG CORP GIC Annual 10,700,000 10,700,000 4.220% 365 02-Oct-24 02-Oct-25 Matured
Bank of Montreal TRUST CO GIC Annual 10,700,000 10,700,000 4.220% 365 02-Oct-24 02-Oct-25 Matured
Bank of Montreal GIC Annual 3,858,000 3,858,000 4.080% 365 15-Oct-24 15-Oct-25 Matured
Bank of Montreal GIC Annual 6,677,000 6,677,000 3.770% 365 04-Dec-24 04-Dec-25 Matured
Bank of Montreal MRTG CORP GIC Annual 7,638,620 7,638,620 3.420% 365 18-Dec-24 18-Dec-25 Matured
Bank of Montreal MRTG CORP GIC Annual 5,703,000 5,703,000 3.420% 365 20-Jan-25 20-Jan-26
Bank of Nova Scotia GIC Annual 10,000,000 10,000,000 3.380% 365 30-Jun-25 30-Jun-26
Bank of Nova Scotia MRTG CORP GIC Annual 10,000,000 10,000,000 3.380% 365 30-Jun-25 30-Jun-26
Bank of Nova Scotia GIC Annual 5,837,000 5,837,000 3.620% 365 23-Jul-25 23-Jul-26
TD Bank GIC Annual 11,151,000 11,151,000 3.020% 365 02-Oct-25 02-Oct-26
TD Bank GIC Annual 11,151,000 11,151,000 3.020% 367 03-Oct-25 05-Oct-26
TD Bank GIC Annual 4,232,000 4,232,000 2.920% 367 17-Oct-25 19-Oct-26
TD Bank GIC Annual 7,018,000 7,018,000 3.020% 367 05-Dec-25 07-Dec-26
Bank of Nova Scotia GIC Annual 7,900,065 7,900,065 3.080% 365 18-Dec-25 18-Dec-26
TD Wealth
Toronto Dominion Bank GIC 3,403,239 3,403,239 5.150% 366 30-Jan-24 30-Jan-25 Matured
Toronto Dominion Bank GIC 2,320,924 2,320,924 5.050% 367 08-Mar-24 10-Mar-25 Matured
Toronto Dominion Bank GIC 3,805,515 3,805,515 3.600% 365 30-Jan-25 30-Jan-26
Toronto Dominion Bank GIC 2,438,773 2,438,773 3.200% 365 10-Mar-25 10-Mar-26
Total Short-term 182,679,083 182,679,083
CITY OF PICKERING INVESTMENT ACTIVITIES FOR 2025
Attachment 1 - Report FIN 05-26
Financial Purchase Maturity
Institution Instrument Cost Principal Yield Term Date Date
CITY OF PICKERING INVESTMENT ACTIVITIES FOR 2025
Long Term
Nesbitt Burns Bank of Montreal GIC Annual 4,200,000.00 4,200,000.00 5.160% 732 21-Mar-24 23-Mar-26
Bank of Montreal Mortgage Corp GIC Annual 4,200,000.00 4,200,000.00 5.160% 732 21-Mar-24 23-Mar-26
Bank of Montreal Trust Company GIC Annual 3,175,000.00 3,175,000.00 5.180% 731 12-Apr-24 13-Apr-26
Bank of Montreal GIC Annual 4,052,000.00 4,052,000.00 5.220% 730 01-May-24 01-May-26
Bank of Montreal GIC Annual 1,755,777.00 1,755,777.00 4.550% 1,096 01-May-23 01-May-26
Bank of Montreal GIC Annual 1,868,000.00 1,868,000.00 5.040% 1,097 31-May-23 01-Jun-26
Bank of Montreal GIC Annual 4,384,091.00 4,384,091.00 4.760% 730 17-Jul-24 17-Jul-26
Bank of Montreal GIC Annual 5,739,000.00 5,739,000.00 5.560% 1,098 22-Aug-23 24-Aug-26
Bank of Montreal Trust Company GIC Annual 6,368,000.00 6,368,000.00 5.560% 1,098 29-Aug-23 31-Aug-26
Bank of Montreal GIC Annual 3,089,000.00 3,089,000.00 5.620% 1,097 12-Oct-23 13-Oct-26
Bank of Montreal Trust Company GIC Annual 3,662,000.00 3,662,000.00 3.470% 730 18-Dec-24 18-Dec-26
Bank of Montreal GIC Annual 2,994,000.00 2,994,000.00 3.470% 730 23-Dec-24 23-Dec-26
Bank of Nova Scotia GIC Annual 9,200,000.00 9,200,000.00 3.580% 549 08-Jul-25 08-Jan-27
Bank of Montreal GIC Annual 4,166,000.00 4,166,000.00 4.980% 1,098 26-Mar-24 29-Mar-27
Bank of Montreal GIC Annual 1,991,000.00 1,991,000.00 4.860% 1,095 10-Jun-24 10-Jun-27
CIBC Unsecured Senior Notes 2,784,184.98 2,748,900.80 4.950% 889 21-Jan-25 29-Jun-27
Bank of Montreal Mortgage Corp GIC Annual 3,000,000.00 3,000,000.00 3.370% 730 22-Jul-25 22-Jul-27
Bank of Montreal GIC Annual 3,683,000.00 3,683,000.00 2.860% 730 17-Nov-25 17-Nov-27
Bank of Montreal GIC Annual 2,274,000.00 2,274,000.00 3.860% 1,095 19-Nov-24 19-Nov-27
Bank of Montreal Trust Company GIC Annual 1,952,000.00 1,952,000.00 3.470% 1,095 13-Jan-25 13-Jan-28
National Bank of Canada GIC 8,500,000.00 8,500,000.00 3.220% 1,096 15-Sep-25 15-Sep-28
Bank of Nova Scotia GIC Annual 11,151,000.00 11,151,000.00 3.330% 1,097 02-Oct-25 03-Oct-28
TD Wealth Toronto Dominion Bank GIC Annual 1,032,570.00 1,032,570.00 5.100% 1,096 10-Nov-23 10-Nov-26
Toronto Dominion Bank Mortgage GIC CMPD Annual2,261,767.00 2,261,767.00 3.700% 1,095 02-Dec-24 02-Dec-27
Toronto Dominion Bank GIC CMPD Annual 2,261,767.00 2,261,767.00 3.700% 1,095 02-Dec-24 02-Dec-27
Bank of Montreal Canadian Bond Semi-Annual 2,003,846.40 1,981,726.34 4.710% 959 22-Apr-25 07-Dec-27
Toronto Dominion Bank Mortgage GIC Semi-Annual2,000,000.00 2,000,000.00 4.350% 1,461 05-Jun-24 05-Jun-28
Toronto Dominion Bank GIC Annual 2,647,000.00 2,647,000.00 3.620% 1,098 09-Sep-25 11-Sep-28
Toronto Dominion Bank GIC CMPD Annual 2,602,600.00 2,602,600.00 3.370% 1,096 24-Nov-25 24-Nov-28
Toronto Dominion Bank Mortgage GIC CMPD Annual1,890,250.00 1,890,250.00 3.440% 1,096 01-Dec-25 01-Dec-28
Toronto Dominion Bank PAC Mortgage GIC Semi-Annual2,023,000.00 2,023,000.00 4.250% 1,826 05-Jun-24 05-Jun-29
Toronto Dominion Bank GIC CMPD Annual 1,023,588.00 1,023,588.00 3.270% 1,464 10-Nov-25 13-Nov-29
Toronto Dominion Bank GIC CMPD Annual 2,602,600.00 2,602,600.00 3.480% 1,463 24-Nov-25 26-Nov-29
CIBC Bank Protected Notes Annual 3,359,400.00 3,359,400.00 4.200% 2,199 20-Oct-24 28-Oct-30
CIBC Bank Protected Notes annual 3,295,000.00 3,295,000.00 4.700% 1,826 12-Dec-25 12-Dec-30
Total Long-term 123,191,441 123,134,037
Total External Investments 305,870,524 305,813,120
Interfund Investments (Internal Loans)0
ONE Investment (HISA)30,248,917
Total Investment Activity 336,062,037
Attachment 1 - Report FIN 05-26
Financial Purchase Maturity
Institution Instrument Cost Principal Yield Term Date Date
CITY OF PICKERING INVESTMENT ACTIVITIES FOR 2025
Long Term Dispositions
Nesbitt Burns Bank of Montreal GIC Annual 1,850,000.00 1,850,000.00 5.000% 747 22-Dec-22 07-Jan-25 Matured
Bank of Montreal GIC Annual 2,662,000.00 2,662,000.00 4.980% 733 18-Jan-23 20-Jan-25 Matured
Bank of Montreal GIC Annual 2,346,000.00 2,346,000.00 5.710% 733 19-Jul-23 21-Jul-25 Matured
Bank of Montreal GIC Annual 7,400,000.00 7,400,000.00 5.760% 731 15-Sep-23 15-Sep-25 Matured
Bank of Montreal GIC Annual 3,480,000.00 3,480,000.00 5.800% 732 16-Nov-23 17-Nov-25 Matured
TD Wealth Toronto Dominion Bank 2,363,037.74 2,482,000.00 2.667% 740 31-Aug-23 09-Sep-25 Matured
Toronto Dominion Bank Mortgage GIC 1,013,945.00 1,013,945.00 0.950% 1,826 10-Nov-20 10-Nov-25 Matured
Royal Bank of Canada GIC 2,151,882.00 2,151,882.00 5.100% 1,097 23-Nov-22 24-Nov-25 Matured
Toronto Dominion Bank GIC 2,750,000.00 2,750,000.00 5.100% 1,097 23-Nov-22 24-Nov-25 Matured
Canadian Western Bank 1,950,200.00 2,000,000.00 3.860% 878 25-Nov-22 21-Apr-25 Matured
Toronto Dominion Bank Mortgage GIC 2,750,000.00 2,750,000.00 5.100% 1,096 01-Dec-22 01-Dec-25 Matured
CIBC Protected Notes 2,000,000.00 2,000,000.00 5.750% 374 03-Dec-24 12-Dec-25 Called
Total Dispositions 32,717,065 32,885,827
Attachment 1 - Report FIN 05-26
Financial Purchase Maturity Interest
Institution Instrument Cost Principal Yield Term Date Date Payable Dates
Short-term Current & Reserve Fund Investments
Nesbitt Burns Bank of Montreal MRTG CORP GIC Annual 5,703,000.00 5,703,000.00 3.42% 365 20-Jan-25 20-Jan-26
Bank of Nova Scotia GIC Annual 10,000,000.00 10,000,000.00 3.38% 365 30-Jun-25 30-Jun-26
Bank of Nova Scotia MRTG CORP GIC Annual 10,000,000.00 10,000,000.00 3.38% 365 30-Jun-25 30-Jun-26
Bank of Nova Scotia GIC Annual 5,837,000.00 5,837,000.00 3.62% 365 23-Jul-25 23-Jul-26
TD Bank GIC Annual 11,151,000.00 11,151,000.00 3.02% 365 02-Oct-25 02-Oct-26
TD Bank GIC Annual 11,151,000.00 11,151,000.00 3.02% 367 03-Oct-25 05-Oct-26
TD Bank GIC Annual 4,232,000.00 4,232,000.00 2.92% 367 17-Oct-25 19-Oct-26
TD Bank GIC Annual 7,018,000.00 7,018,000.00 3.02% 367 05-Dec-25 07-Dec-26
Bank of Nova Scotia GIC Annual 7,900,065.00 7,900,065.00 3.08% 365 18-Dec-25 18-Dec-26
TD Wealth Toronto Dominion Bank GIC 3,805,515.00 3,805,515.00 3.60% 365 30-Jan-25 30-Jan-26
Toronto Dominion Bank GIC 2,438,773.00 2,438,773.00 3.20% 365 10-Mar-25 10-Mar-26
Total Short-term 79,236,353.00 79,236,353.00
Long-term Reserve Fund Investments
Nesbitt Burns Bank of Montreal GIC Annual 4,200,000.00 4,200,000.00 5.16% 732 21-Mar-24 23-Mar-26
Bank of Montreal Mortgage Corp GIC Annual 4,200,000.00 4,200,000.00 5.16% 732 21-Mar-24 23-Mar-26
Bank of Montreal Trust Company GIC Annual 3,175,000.00 3,175,000.00 5.18% 731 12-Apr-24 13-Apr-26
Bank of Montreal GIC Annual 4,052,000.00 4,052,000.00 5.22% 730 01-May-24 01-May-26
Bank of Montreal GIC Annual 1,755,777.00 1,755,777.00 4.55% 1096 01-May-23 01-May-26
Bank of Montreal GIC Annual 1,868,000.00 1,868,000.00 5.04% 1097 31-May-23 01-Jun-26
Bank of Montreal GIC Annual 4,384,091.00 4,384,091.00 4.76% 730 17-Jul-24 17-Jul-26
Bank of Montreal GIC Annual 5,739,000.00 5,739,000.00 5.56% 1098 22-Aug-23 24-Aug-26
Bank of Montreal Trust Company GIC Annual 6,368,000.00 6,368,000.00 5.56% 1098 29-Aug-23 31-Aug-26
Bank of Montreal GIC Annual 3,089,000.00 3,089,000.00 5.62% 1097 12-Oct-23 13-Oct-26
Bank of Montreal Trust Company GIC Annual 3,662,000.00 3,662,000.00 3.47% 730 18-Dec-24 18-Dec-26
Bank of Montreal GIC Annual 2,994,000.00 2,994,000.00 3.47% 730 23-Dec-24 23-Dec-26
Bank of Nova Scotia GIC Annual 9,200,000.00 9,200,000.00 3.58% 549 08-Jul-25 08-Jan-27
Bank of Montreal GIC Annual 4,166,000.00 4,166,000.00 4.98% 1098 26-Mar-24 29-Mar-27
Bank of Montreal GIC Annual 1,991,000.00 1,991,000.00 4.86% 1095 10-Jun-24 10-Jun-27
CIBC Unsecured Senior Notes 2,784,184.98 2,748,900.80 4.95% 889 21-Jan-25 29-Jun-27 (Jun 30, Dec 30)
Bank of Montreal Mortgage Corp GIC Annual 3,000,000.00 3,000,000.00 3.37% 730 22-Jul-25 22-Jul-27
Bank of Montreal GIC Annual 3,683,000.00 3,683,000.00 2.86% 730 17-Nov-25 17-Nov-27
Bank of Montreal GIC Annual 2,274,000.00 2,274,000.00 3.86% 1095 19-Nov-24 19-Nov-27
Bank of Montreal Trust Company GIC Annual 1,952,000.00 1,952,000.00 3.47% 1095 13-Jan-25 13-Jan-28
CITY OF PICKERING OUTSTANDING INVESTMENTS AS AT DECEMBER 31, 2025
Attachment 2 - Report FIN 05-26
Financial Purchase Maturity Interest
Institution Instrument Cost Principal Yield Term Date Date Payable Dates
CITY OF PICKERING OUTSTANDING INVESTMENTS AS AT DECEMBER 31, 2025
National Bank of Canada GIC 8,500,000.00 8,500,000.00 3.22% 1096 15-Sep-25 15-Sep-28
Bank of Nova Scotia GIC Annual 11,151,000.00 11,151,000.00 3.33% 1097 02-Oct-25 03-Oct-28
TD Wealth Toronto Dominion Bank GIC Annual 1,032,570.00 1,032,570.00 5.10% 1096 10-Nov-23 10-Nov-26
Toronto Dominion Bank Mortgage GIC CMPD Annual 2,261,767.00 2,261,767.00 3.70% 1095 02-Dec-24 02-Dec-27 COMPOUND ANNUALLY
Toronto Dominion Bank GIC CMPD Annual 2,261,767.00 2,261,767.00 3.70% 1095 02-Dec-24 02-Dec-27 COMPOUND ANNUALLY
Bank of Montreal Canadian Bond Semi-Annual 2,003,846.40 1,981,726.34 4.71% 959 22-Apr-25 07-Dec-27 (Jun 7, Dec 7)
Toronto Dominion Bank Mortgage GIC Semi-Annual 2,000,000.00 2,000,000.00 4.35% 1461 05-Jun-24 05-Jun-28 (Jun 5, Dec 5)
Toronto Dominion Bank GIC Annual 2,647,000.00 2,647,000.00 3.62% 1098 09-Sep-25 11-Sep-28
Toronto Dominion Bank GIC CMPD Annual 2,602,600.00 2,602,600.00 3.37% 1096 24-Nov-25 24-Nov-28 COMPOUND ANNUALLY
Toronto Dominion Bank Mortgage GIC CMPD Annual 1,890,250.00 1,890,250.00 3.44% 1096 01-Dec-25 01-Dec-28 COMPOUND ANNUALLY
Toronto Dominion Bank PAC Mortgage GIC Semi-Annual2,023,000.00 2,023,000.00 4.25% 1826 05-Jun-24 05-Jun-29 (Jun 5, Dec 5)
Toronto Dominion Bank GIC CMPD Annual 1,023,588.00 1,023,588.00 3.27% 1464 10-Nov-25 13-Nov-29 COMPOUND ANNUALLY
Toronto Dominion Bank GIC CMPD Annual 2,602,600.00 2,602,600.00 3.48% 1463 24-Nov-25 26-Nov-29 COMPOUND ANNUALLY
CIBC Bank Protected Notes Annual 3,359,400.00 3,359,400.00 4.20% 2199 20-Oct-24 28-Oct-30
CIBC Bank Protected Notes annual 3,295,000.00 3,295,000.00 4.70% 1826 12-Dec-25 12-Dec-30
Total Long-term 123,191,441.38 123,134,037.14
Total External Investments: Nesbitt Burns and TD Wealth 202,427,794.38 202,370,390.14
ONE Investment
High Interest Savings Account Portfolio 30,248,916.96 30,248,916.96 2.775%rate @ Dec 31, 2025
Interfund Investments (Internal Loans)
Development Charge Reserve Fund 594,093.68 3.65% to 5.50% various various various
Total as at December 31, 2025 233,213,400.78
Attachment 2 - Report FIN 05-26
YOUR PERFORMANCE REPORT AS OF DECEMBER 31, 2025
ACCOUNT 365-132 06
CORP.OF THE CITY OF PICKERING
Time-weighted rates of return as of December 31, 2025
Period 2025 Jan Feb Mar Apr May Jun Jul
Monthly rates of return (%) 0.34 0.35 0.39 0.37 0.38 0.37 0.36
Compound year-to-date rates of return(%) 0.34 0.69 1.08 1.46 1.85 2.23 2.60
2025 Quarters 1st 2nd 3rd 4th
Quarterly rates of rehu-n (%) 1.08 1.13 1.06 0.96
Cumulative rates ofreturn (%) 1.08 2.23 3.32 4.31
Aug Sep Oct Nov Dec
0.57 0.13 0.33 0.31 0.31
3.18 3.32 3.66 3.98 4.31
Monthly ROR 0/o
0.60
0.50
0.40
0.30
0.20
0.10
0.00
BMO e· I Private Wealth
YEAR-TO-DA TE PERFORMANCE
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
PAGE 4 OF 7
Attachment 3 - Report FIN 05-26
Attachment 4 - Report FIN 05-26
Attachment 5 - Report FIN 05-26
ONE Investment
History
Supporting municipal investment for 30 years.
ONE Investment offers municipalities and treasurers access to a broad range of investment products, including those that comply with Ontario's Legal List of
municipal investment, High Interest Savings Accounts, and a Prudent Investment program. As well, ONE offers training opportunities, one-on-one investment
advice and a full range of tools and templates to support Council communications.
1993 •The Municipal Finance Officers' Association and the Association of Municipalities of Ontario (AMO) form the ONE Fund to
create investment offerings tailored to municipal needs.
•A Peer Advisory Committee, comprised of municipal treasurers, ensures the fund aligns with municipal goals and guidelines.
•The fund offers Money Market and Bond portfolios tailored to municipal investment needs and compliant with provincial
regulations.
2007 •ONE expands investment options with a Canadian Equity Portfolio - the only equity offering approved by the province for
municipal investors.
2008 •Universe Corporate Bond portfolio is launched.
2010 •ONE rebrands to ONE Investment Program.
2015 •Leveraging the scale of the sector, ONE Investment negotiates a High-Interest Saving Account (HISA) at highly competitive
rates for short-term monies.
2016 •The ONE Investment Advisory Committee, comprised of investment industry experts, is formed to advise staff on investment
management.
2017 •The Government of Ontario passes legislation to allow municipalities to invest under the Prudent Investor Standard.
2018 •As of March 1, 2018, municipalities can take advantage of Prudent Investment Regime, provided they meet provincial
requirement.
•ONE Investment is incorporated as a not-for-profit organization, allowing ONE to broaden investment options and offer formal
investment advice to municipalities.
•As of November 23, 2018, ONE Investment receives an exemption from the Ontario Securities Commission (OSC) to offer
formal investment advice to municipalities.
2020 •ONE Investment creates the Prudent Investment (PI) Program.
•The ONE Joint Investment Board (ONE JIB) is formed as a municipal service board to manage PI investments of Six
Founding Municipalities.
•The Founding Municipalities appointed initial members of the ONE JIB. The ONE JIB is set up to include those with global
investment expertise and municipal finance experts.
•At launch, ONE JIB is managing $500 million in investments for the six founding municipalities.
Attachment 6 - Report FIN 05-26
2024 • ONE enhances its Prudent Investment Program by engaging an Outsourced Chief Investment Officer (OCIO) - PH&N
Institutional, through a competitive RFP.
• ONE JIB grows to manage PI investments for 15 municipalities with a total balance of >$2 billion.
• Total investments with ONE Investment exceeded $4 billion
ONE High Interest Savings Account
ONE Investment has offered the ONE High Interest Savings Account (HISA) since 2015. ONE helps investors obtain the best interest rate on every dollar, every
day by aggregating all investor deposits.
In 2021, the ONE Board approved the addition of two new HISA providers. This provides investors the flexibility to keep one or open multiple accounts for
diversification purposes.
Select from the following options:
• Scotiabank
• CIBC
NOTE: To find rate details or APPLY for an account, please email ONE@oneinvestment.ca
Highlights
• Fully Liquid Account: Access to your funds within couple of days
• No Service Charges: No Transaction or Monthly Fee
• No Minimum or Maximum Balances
• Earn high interest calculated daily
• Online access to account activity and statements
• Deposits are eligible for Canadian Deposit Insurance Corporation (CDIC) coverage.
ONE Advisory Team can assist to create a customized savings goal for your organization. Contact ONE@oneinvestment.ca today to find what might be the best
allocation to this account, given your investment objectives.
Attachment 6 - Report FIN 05-26