Columbus, Georgia

Georgia's First Consolidated Government

Post Office Box 1340
Columbus, Georgia, 31902-1340
(706) 653-4013
fax (706) 653-4016

Council Members

Columbus Consolidated Government



Investment Report



May 2007



INVESTED PORTFOLIO



May 2007 May 2006 April 2007 Change

Total Invested $129,040,775 $121,640,628 $128,796,154 244,621

Avg. Yield 5.62% 4.85% 5.62% .00

Avg. Maturity 3.52 3.33 3.59 -.05

Spread/5-year Treas +77 bps -18 bps +111 bps -34 bps



OVERALL PORTFOLIO



May 2007 May 2006 April 2007 Change

Total Invested $196,419,786 $179,441,231 $196,175,166 244,620

Avg. Yield 5.49% 4.87% 5.50% -.01

Avg. Maturity 2.31 2.26 2.36 -.05

Spread/2-yearTreas +59 bps -16 bps +91 bps -32 bps



PORTFOLIO HIGHLIGHTS



Georgia Fund I interest rate was 5.2769%, down from 5.2921% in April.

CB&T Now interest rate was 4.90%, unchanged from April. (fed funds ? 35 bps)



MONTHLY ECONOMIC HIGHLIGHTS

The Federal Reserve will hold its next meeting June 27 and 28. The target for

the federal funds rate is at 5.25%, where it has stood since last June.

The Commerce Department revised the nation?s economy (GDP) from 1.3% to 0.6%,

the worst showing since a 0.2% increase in the fourth quarter of 2002.

The Labor Department reported the consumer-price index (CPI), a measure of

inflation on the retail level, rose 0.4% in April and 2.6% from a year

earlier. Core prices rose only 0.2% and lowered the year-to-year rise in core

to 2.3% from 2.5%. This downward trend should reassure Fed policy makers that

sluggish growth is having the desired effect of cooling inflation, making it

likely rates will remain unchanged in the near future.

The Labor Department reported the producer-price index (PPI), a measure of

inflation at the wholesale level, rose 0.7% in April, following a 1.0% rise in

March. The core, excluding food and energy, was unchanged. The Fed should be

pleased core inflation pressures continue to recede at the producer level.

The Conference Board Consumer Confidence Index rose to 108.0 in May, up from a

revised 106.3 in April. Both present situation and expectations components

rose.

Nonfarm payroll employment increased by 157,000 in May. The unemployment rate

was unchanged at 4.5%. Average hourly earnings rose by 6 cents or 0.3% over

the month. In Columbus, our unemployment rate was 4.7% in April, down from

4.8% in March.

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