TO:
Honorable Mayor and Members of the City Council
THROUGH:
Talyn Mirzakhanian, City Manager
FROM:
Libby Bretthauer, Finance Director
Emy-Rose Hanna, Budget & Financial Analyst
SUBJECT:Title
Adoption of Annual Investment Policy for Fiscal Year 2025-2026 and Delegation of Responsibility for Investing Funds to the City Treasurer (No Budget Impact) (Finance Director Bretthauer).
ADOPT ANNUAL INVESTMENT POLICY
Body
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RECOMMENDATION:
The Finance Subcommittee and City staff recommend that the City Council adopt the Fiscal Year (FY) 2025-2026 Investment Policy and continue the existing delegation of responsibility for investing funds to the City Treasurer.
FISCAL IMPLICATIONS:
There are no fiscal implications associated with the recommended action.
BACKGROUND:
Consistent with California Government Code Section 53646, the City's adopted Financial Policies state that the Finance Subcommittee and City Council shall annually review and update, as appropriate, the City's Investment Policy. Furthermore, the Investment Policy shall be adopted by the City Council based upon the Finance Subcommittee's recommendations.
The Finance Subcommittee reviewed and approved the FY 2025-2026 Investment Policy at its July 28, 2025 meeting, in advance of the City Council's review.
DISCUSSION:
The City's Investment Policy was last certified by the California Municipal Treasurers Association (CMTA) in FY 2021-2022. Following the common practice of re-submitting every three to four years, the City will submit the FY 2025-2026 Investment Policy to CMTA for Certification.
The CMTA Investment Policy Certification recognizes and validates that the City of Manhattan Beach's Investment Policy adheres with the State of California Government Code and meets the program requirements within 18 different topic areas deemed to be best practices for investment policies. The topics include:
1. Scope
2. Prudence
3. Objective
4. Delegation ...
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