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File #: 20-0183    Version: 1
Type: Consent - Staff Report Status: Agenda Ready
In control: City Council Regular Meeting
On agenda: 9/1/2020 Final action:
Title: Adoption of Annual Investment Policy for Fiscal Year 2020-2021 and Delegation of Responsibility for Investing Funds to the City Treasurer (Finance Director Charelian). ADOPT
Attachments: 1. Investment Policy for Fiscal Year 2020-2021
TO:
Honorable Mayor and Members of the City Council

THROUGH:
Bruce Moe, City Manager

FROM:
Steve S. Charelian, Finance Director
Henry Mitzner, Controller
Libby Bretthauer, Senior Financial Analyst

SUBJECT:Title
Adoption of Annual Investment Policy for Fiscal Year 2020-2021 and Delegation of Responsibility for Investing Funds to the City Treasurer (Finance Director Charelian).
ADOPT
Line
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Recommended Action
RECOMMENDATION:
The Finance Subcommittee and City staff recommend that the City Council adopt the Fiscal Year (FY) 2020-2021 Investment Policy and continue the existing delegation of responsibility for investing funds to the City Treasurer.
Body
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 2020-2021 Investment Policy at their July 22, 2020, meeting in advance of the City Council's review and adoption.

DISCUSSION:
The City's current Investment Policy was reviewed by the City's investment brokers and City staff, taking into consideration current laws and regulations, and changing market conditions. City staff also reviewed 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).

No substantive changes were made to the Investment Policy this year. However, two new sections were incorporated as recommended by CMTA's Certification Program guidelines. Although similar language has been included in past Inv...

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