Interim Chief Financial Officer James Simpson told the Indianapolis City Health & Hospital board that the authority’s draft 2024 annual investment report shows average monthly cash balances of approximately $1.3 billion and an average investment return of 4.4% through November.

"We earned an average return on our investment of 4.4%," Simpson said during the meeting, adding that the return equated to about $58 million in investment income through November. Simpson said the draft report covers January through November 2024 and that December data will be added before the authority reports to the Marion County Board of Finance on Jan. 31.

Simpson told trustees the authority had no investments with maturities longer than two years as of the draft, and that pursuing investments in a two- to five-year range would require an ordinance by the board. He contrasted the 4.4% average return in 2024 with an average return of 4.7% in 2023 and said some decrease in rates was expected as the Federal Reserve eased late in 2024.

Separately, Simpson provided an update on an RFP to reestablish an internal-audit function. The procurement team interviewed four finalists in December and reported a three-way tie among top candidates; the internal team will meet later in the week to choose a finalist to present to the board in February. Simpson said Mark Silverlund, the chief compliance officer, will serve as an adviser to the selection team. He also said each of the three finalists included a DEI component in their proposals.

Board members did not record questions beyond brief acknowledgments; Simpson said staff would finalize December numbers and submit the investment report to the Marion County Board of Finance on Jan. 31 at 10 a.m. in room T260 at the City-County Building.

No formal vote was recorded on the investment report or the RFP update during the meeting.