Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 21-R29, Approve a Resolution to Revise City Council Directed Policy #19-06 Investment Policy.
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Submitted By: Jeff Snyder, CFO, Financial Management Department
Strategic Plan Link: The City’s Mission to be financially responsible.
Executive Summary (General Business): Staff is proposing updates to the City Council Investment Policy to reflect a change in the competitive selection of investment instruments. Specifically, Section XIII, Authorized Investment and Portfolio Composition, page 8, change Maximum Allocation and Individual Issuer Limit for Interest Bearing Time Deposits, CDs, or Savings Accounts from 40% to 50%, Section XIII, and Section F, page 11. These changes will allow the City to invest more in safe Qualified Public Depository (QPD) institutions.
Presentation Information: Faye Henry, City Treasurer will be available for questions.
Staff Recommendation: Move that the Council approve the changes to the Investment Policy.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve the changes to the Investment Policy.
2. Move that the Council provide staff direction.
Background: The Investment Policy is reviewed annually. This enables staff to analyze what changes are necessary to react to the investment market. This review has resulted in proposed amendments to the Maximum Allocation and Individual Issuer Limit. The changes are tracked in the document for review. These changes will allow the City to continue to maintain safety, liquidity, and return.
Issues/Analysis: N/A
Financial Information: This revision will update Section XIII, Authorized Investment and Portfolio Composition. It will adjust the maximum allocation and Individual Issuer Limit for Interest Bearing Time Deposits, Certificates of Deposit, and Savings Accounts from 40% to 50%.
Special Consideration: N/A
Location of Project: N/A
Attachments: 1. Resolution 19-XXX - Draft
2. Exhibit “A” - Revised Investment CCD Policy 21-01 with Tracked Changes
NOTE: All of the listed items in the “Attachment” section above are in the custody of the City Clerk. Any item(s) not provided in City Council packets are available upon request from the City Clerk.
Internal Reference Number: Legal Intake #5582
Legal Sufficiency Review:
Reviewed by Melany K. Crawford, Chief Assistant City Attorney. Approved as to Legal form and sufficiency by James D. Stokes, City Attorney.