AGENDA CAPTION:
Title
Consider approval of Resolution 2024-40R, adopting a revised Investment Policy for Operating and Reserve Funds; and declaring an effective date.
Body
Meeting date: March 19, 2024
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 March 7, 2024.
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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:
• Add “Internal Service Fund” to be included in the investment portfolio.
• Under Security Type, the local government instruments were updated to read “Municipal, County and State Instruments”.
The changes were presented to the Finance and Audit Committee on March 7, 2024. 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 March 7, 2024.
Alternatives:
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Recommendation:
Staff recommends approval of the Resolution.