To: Honorable Mayor and Members of City Council
From: Rajneil Prasad, Finance Director
Prepared By: Jocelyn Ramirez, Management Analyst
TITLE:
Title
Statement of Investment Policy
LABEL
RECOMMENDED ACTION:
Recommendation
Adopt a resolution adopting the City’s Statement of Investment Policy for FY 2024/25, and delegating 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.
Staff’s recommendation to adopt the attached resolution incorporates recommendations from the City’s consultants, PFM Asset Management LLC, (see Attachment 2), to make Policy changes in response to changes in State law that went into effect in 2024, following the passage of Senate Bill 882 (“SB 882”), also known as the Local Government Omnibus Act of 2023, that clarified language regarding privately issued asset-, and mortgage-backed securities. Those changes are shown in redlined format on Attachment 3.
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 - Statement of Investment Policy
ATCH 2 - Memo from PFM Asset Management LLC
ATCH 3 - Statement of Investment Policy, Red-Line
NOTIFICATION:
None.