To: Honorable Mayor and Members of City Council
From: Brian Cochran, Finance Director
Prepared By: Jessie Sauter, Finance Analyst
TITLE:
Title
Statement of Investment Policy
LABEL
RECOMMENDED ACTION:
Recommendation
Adopt a Resolution to adopt the City’s Statement of Investment Policy for FY 2018/19, 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 City Council a Statement of Investment Policy for consideration and approval. Further, consistent with Government Code Section 53607, the City Council annually delegates authority to the City Treasurer to make investments on behalf of the City. 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.
There are no proposed changes to the current investment policy, which 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 Guidelines Section 15060(c).
DOCUMENTS ATTACHED:
ATCH 1 - Resolution to adopt the City’s Statement of Investment Policy.
EX A - Proposed Statement of Investment Policy
NOTIFICATION:
None