Title
A resolution adopting an Investment Policy and declaring that the City Council completed its review of the investment policies and investment strategies.
Body
Chapter 2256 of the Government Code, known as the Public Funds Investment Act (PIFA), requires the governing body to adopt a written investment policy to include a separate written investment strategy for each fund or group of funds under its control. The governing body must review the policy and strategies not less than annually.
Staff has reviewed the current Investment Policy in conjunction with the requirements of PFIA and suggestions from the City’s investment advisory firm, Public Trust Advisors, LLC. City staff and Public Trust Advisors recommended no changes to the policy at this time.
PFIA also requires the governing body to annually review, revise if necessary, and adopt a list of qualified brokers who are authorized to engage in investment transactions with the City. A review of current brokers was performed by City staff to determine the quality of services provided during the past year. No updates to the broker dealer list for fiscal year 2024-25 are recommended. The list of approved broker/dealers is found on page 18 of the attached Investment Policy.
The proposed Investment Policy was reviewed with City Council at the September 3, 2024, City Council meeting, and a resolution adopting the Investment Policy with the list of qualified brokers is attached.
Recommended/Desired Action
Staff recommends approval of the resolution.
Attachment(s)
Resolution
Drafter
Ted Chinn
Head of Department
Ted Chinn