TO:
Honorable Mayor and Members of the City Council
THROUGH:
Bruce Moe, City Manager
FROM:
Steve S. Charelian, Finance Director
Libby Bretthauer, Financial Services Manager
SUBJECT:Title
Adoption of Annual Investment Policy for Fiscal Year 2022-2023 and Delegation of Responsibility for Investing Funds to the City Treasurer (Finance Director Charelian).
ADOPT
Line
_________________________________________________________
Recommended Action
RECOMMENDATION:
The Finance Subcommittee and City staff recommend that the City Council adopt the Fiscal Year (FY) 2022-2023 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 2022-2023 Investment Policy at their August 23, 2022, meeting in advance of the City Council's review.
DISCUSSION:
The City's FY 2021-2022 Investment Policy was certified by the California Municipal Treasurers Association (CMTA). 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 ...
Click here for full text