AGENDA CAPTION:
Title
Consider approval of Resolution 2019-56R, adopting revised Investment Policies for Operating Funds and Reserve Funds as required by Texas Government Code Section 2256.005; and declaring an effective date.
Body
Meeting date: April 2, 2019
Department: Finance-Heather Hurlbert, 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 March 28, 2019
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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:
* Modified section XIII-Diversification to adjust the "Maximum % of Portfolio" on the following investment types in the operating policy due to changes in the return on these types of investments:
o Commercial Paper from 30-40%
o Certificates of Deposits from 40-30%
* Modified section XIII-Diversification to adjust the investment type from constant dollar investment pools to Local Government Investment pools to reflect a change in the PFIA language in both the operating and reserve policy.
* Modified section XVI-Reporting to reflect that reporting to...
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