File #: 19-4376    Version: 1 Name: Res - FY2020 Investment Policy
Type: Agenda Item Status: Passed
File created: 8/30/2019 In control: City Council
On agenda: 9/16/2019 Final action: 9/16/2019
Title: A resolution adopting an Investment Policy for the City of Mesquite.
Attachments: 1. Resolution - Investment Policy, 2. Redlined Version – Investment Policy

Title

A resolution adopting an Investment Policy for the City of Mesquite.

 

Body

Chapter 2256 of the Public Funds Investment Act (PFIA) requires that the governing body adopt a written investment policy and separate written investment strategy for the funds under its control. The governing body must review these policies and strategies not less than annually.

 

Staff has reviewed the current Investment Policy in conjunction with the requirements of PFIA and no changes other than updates to the Broker/Dealer list are recommended.

 

PFIA requires that the governing body of an entity shall, at least annually, review, revise and adopt a list of qualified brokers that 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 new brokers are recommended at this time, but changes are needed to the list of authorized brokers on page 18:

 

                     Update the name of FTN Financial Capital Markets to also include FHN Financial Capital Markets as they will have a name change from FTN to FHN later in the year due to rebranding efforts of their parent company First Horizon National Corporation.

                     Update contact information for TexPool.

                     Update contact information for Vining Sparks.

                     Update contact information for Wells Fargo Securities, LLC.

 

These changes were reviewed with City Council during the September 3, 2019, Pre-Meeting. The “redlined” version along with the final version of the investment policy have been attached for reference.

 

Recommended/Desired Action

Staff recommends approval of the resolution.

 

Attachment(s)

Resolution

Redlined Version - Investment Policy

 

Drafter

Myra Rogers

 

Head of Department

Debbie Mol