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