To: Honorable Chair and Commissioners
From: Brian Cochran, Finance Director
Prepared By: Jessie Sauter, Finance Analyst
TITLE:
Title
Statement of Investment Policy
LABEL
RECOMMENDED ACTION:
Recommendationle
Approve a Resolution to update the City's Statement of Investment Policy and delegate authority to the City Treasurer to invest funds in accordance with the Statement of Investment Policy.
Body
DISCUSSION:
Consistent with California Government Code Section 53646(a)(2), the Treasurer annually renders to the Housing Authority of the City of Napa ("Authority") a Statement of Investment Policy for consideration and approval. Further, consistent with Government Code Section 53607, the Authority annually delegates authority to the City Treasurer to make investments on behalf of the Authority. Pursuant to Council action on June 6, 2017, the City Council appointed Finance Director Brian Cochran to serve as the City Treasurer, which includes the responsibility to make investments on behalf of the City.
The Local Agency Investment Fund (LAIF) section has a proposed change to update LAIF Limitations from $65,000,000 per account to the "maximum amount permitted by LAIF's Local Investment Advisory Board". This change enables the City to follow LAIF's guidelines without updating the investment policy.
The Additional Guidelines section has a proposed change to remove the following:
* Adequate liquidity equivalent to six month expenditures shall be maintained.
* No more than 50% of the overall City portfolio shall mature beyond 2 years.
A redline copy of the proposed Statement of Investment Policy is provided as Attachment 2 for convenience to identify all proposed revisions to the policy. A clean copy of the proposed policy is provided as Exhibit A to the resolution.
FINANCIAL IMPACTS:
There is no fiscal impact.
CEQA:
The Finance Director has determined that the Recommended Action described in this Agenda Report is not subject to CEQA, pursuant to CEQA Guidel...
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