Title
A resolution adopting an Investment Policy, declaring that the City Council completed its review of the investment policies and investment strategies, and declaring an effective date thereof.
Body
Chapter 2256 of the Government Code, known as the Public Funds Investment Act (PFIA), 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.
City staff has reviewed the City’s Investment Policy with the City’s investment advisory firm, Hilltop Securities Asset Management, and other than minor text edits, recommends the following changes:
• Designating the Assistant Director of Finance as an investment officer
• Clarification of approved independent sources for PFIA training
• Clarification of the role of City Council in review and adoption of authorized broker/dealers
• Expanding the types of performance benchmarks selected by the Director of Finance
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 broker/dealers was performed by City staff to determine the quality of services provided during the past year. The broker/dealer list for fiscal year 2026-27 has been updated and the list of approved broker/dealers is found on page 18 of the Investment Policy.
The proposed Investment Policy was reviewed with City Council at the September 8, 2026, City Council meeting, and a resolution adopting the Investment Policy with the list of approved broker/dealers is attached for consideration. The Investment Policy as presented also meets the certification standards for public investing by the Government Treasurers’ Organization of Texas, and a copy of the current certification is also attached.
Recommended/Desired Action
Staff recommends approval of the resolution.
Attachment(s)
Resolution
Certification of Investment Policy
Drafter
Ted Chinn
Head of Department
Ted Chinn