TO:
Honorable Mayor and Members of the City Council
THROUGH:
Talyn Mirzakhanian, Acting City Manager
FROM:
Onyx Jones, Interim Finance Director
Libby Bretthauer, Financial Services Manager
SUBJECT:Title
Adoption of Annual Investment Policy for Fiscal Year 2024-2025 and Delegation of Responsibility for Investing Funds to the City Treasurer (Interim Finance Director Jones).
ADOPT ANNUAL INVESTMENT POLICY
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RECOMMENDATION:
The Finance Subcommittee and City staff recommend that the City Council adopt the Fiscal Year (FY) 2024-2025 Investment Policy and continue the existing delegation of responsibility for investing funds to the City Treasurer.
FISCAL IMPLICATIONS:
There are no fiscal implications from the recommended action.
BACKGROUND:
The City's adopted Financial Policies state 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 2024-2025 Investment Policy at its August 29, 2024, 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 with the common practice of re-submitting every three years, the City will submit the FY 2024-2025 Investment Policy to CMTA for Certification.
This 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:
* Scope
* Prudence
* Objective
* Delegation of Authority
* Ethics and Conflicts of Interest
* Authorized Financial Dealers and Inst...
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