Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 23-R08, Approve a Resolution to Revise City Council Directed Policy #2023-01 Investment Policy.
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Submitted By: Stephen Okiye, Finance Director, Finance 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 XII, Competitive Selection of Investment Instruments, added language for multiple bids, secondary market language, purchasing new issue securities with no competitive offerings and competitive solicitation language, Section XIII, Authorized Investment and Portfolio Composition, page 7, updated language to allow for circumstances where the maximum percentage per issuer and allocation limits might exceed listed percentages. Market fluctuations would not require liquidation or realignment of the portfolio, page 7-8, add "Asset- Backed Commercial Paper" to the portfolio and changed portfolio mix, on various pages - changed "date of purchase" to "settlement date"; and on page 15 added "Asset Backed Commercial Paper". These changes will allow the City to maximize its portfolio options with our investment managers, while maintaining safety, liquidity and yield and staying within the guidelines of the investment policy.
Presentation Information: Stephen Okiye, Finance Director/City Treasurer; Karen Russell, Finance Investment Manager; and a representative from Public Trust will be available for questions.
Staff Recommendation: Move that the Council approve a resolution to revise City Council directed policy #2023-01 Investment Policy.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve a resolution to revise City Council directed policy #2023-01 Investment Policy.
2. Move that the Council provide staff direct...
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