AGENDA CAPTION:
Title
Consider approval of Resolution 2018-48R, adopting revised Investment Policies for Operating Funds and Reserve Funds; and declaring an effective date.
Body
Meeting date: April 3, 2018
Department: Finance-Heather Hurlbert, Finance Director
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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. Staff proposes several changes to the policy, which include the following:
* Change the required PFIA training for investments officers from 10 to 8 hours annually, but newly appointed investment officers still require 10 hours. This change is made to reflect the new education requirements in the PFIA.
* Increase the "Maximum % of Portfolio" on the following investment types due to a potential increase in return on these types of investments:
o Municipal Instruments from 40-50%
o Repurchase Agreements from 25-30%
o Commercial Paper from 25-30%
* Modifications to the Broker Dealer Questionnaire/PFIA Certification forms to make a combined form
These changes were presented to the Finance and Audit Committee on March 13, 2...
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