TO:
Honorable Mayor and Members of the City Council
THROUGH:
Bruce Moe, City Manager
FROM:
Steve S. Charelian, Interim Finance Director
Libby Bretthauer, Financial Analyst
SUBJECT:Title
Adoption of Annual Investment Policy for Fiscal Year 2018-19 and Delegation of Responsibility for Investing Funds to the City Treasurer (Interim Finance Director Charelian).
APPROVE
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Recommended Action
RECOMMENDATION:
The Finance Subcommittee and City Staff recommend that the City Council approve the 2018-19 Investment Policy and continue the existing delegation of responsibility for investing funds to the City Treasurer.
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FISCAL IMPLICATIONS:
There are no fiscal implications from the recommended action.
BACKGROUND:
The City's adopted Financial Policies state that the City Council shall annually review, and modify, as appropriate, the City's investment policy. The Finance Subcommittee reviews and approves the policy in advance of Council review and adoption, which they did at their July 17, 2018 meeting.
DISCUSSION:
The City's current Investment Policy was reviewed by the City's investment brokers, as well as City staff. A number of changes to the policy were identified based on current laws, regulations, or changing market conditions. Furthermore, Investment Policy Certification Program guidelines issued by the California Municipal Treasurers Association (CMTA), California Debt and Investment Advisory Commission (CDIAC) and the Association of Public Treasurers of the United States and Canada (APT US&C) were reviewed. Many of the proposed changes are in accordance with recommendations and best management practices provided by these respected organizations.
These changes, as presented, were reviewed and approved by the Finance Subcommittee for recommendation to the full City Council. All changes are presented in redline format in Attachment 1. A clean version (no redlines) is also included as Attachme...
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