AGENDA CAPTION:
Title
Consider approval of Resolution 2022-189R, adopting a revised Investment Policy for Operating and Reserve Funds; and declaring an effective date.
Body
Meeting date: September 6, 2022
Department: Finance - Jon Locke, Finance Director
Amount & Source of Funding
Funds Required: N/A
Account Number: N/A
Funds Available: N/A
Account Name: N/A
Fiscal Note:
Prior Council Action: Presentation and discussion with the Finance and Audit Committee on August 18, 2022.
City Council Strategic Initiative: [Please select from the dropdown menu below]
Choose an item.
Choose an item.
Choose an item.
Comprehensive Plan Element (s): [Please select the Plan element(s) and Goal # from dropdown menu below]
☐ Economic Development - Choose an item.
☐ Environment & Resource Protection - Choose an item.
☐ Land Use - Choose an item.
☐ Neighborhoods & Housing - Choose an item.
☐ Parks, Public Spaces & Facilities - Choose an item.
☐ Transportation - Choose an item.
☒ Not Applicable
Master Plan: [Please select the corresponding Master Plan from the dropdown menu below (if applicable)]
Choose an item.
Background Information:
The Public Funds Investment Act (PFIA) requires the Investment Officer present the City’s investment policy to City Council for approval on an annual basis. At the Finance and Audit Committee meeting, staff proposed the following changes:
• Combine the separate policies for operating funds and reserve funds into a single policy.
• Add diversification as a component of the safety objective and removed it as a separate objective.
• Add Public Trust as an investment objective.
• Under Ethics and Conflicts of Interest, define business relationships which would require disclosure by an Investment Officer.
• Add a section for Allowable Investment Maturity based on type of fund.
• Modify the table for diversification limits to include both types of funds.
The changes were presented to the Finance and Audit Committee on August 18, 2022. A redlined copy and clean copy of the modified investment policy is attached.
Council Committee, Board/Commission Action:
Presentation and discussion with the Finance and Audit Committee on August 18, 2022.
Alternatives:
Click or tap here to enter text.
Recommendation:
Staff recommends approval of the Resolution.