City Council
MEETING DATE: 4/13/2016
TITLE:
Title
Annual approval of the City’s Investment Policy
End
FROM:
Tami Scott, Administrative Services Director
RECOMMENDATION:
Recommendation
Staff recommends that the City Council approve the revised investment policy
Body
BACKGROUND:
Each year staff presents the investment policy to Council for review and approval. In 2004, we made a significant number of changes to the policy, mostly to comply with the requirements of State law. Those changes also expanded our investment options to align the city with various government, agency and highly-rated corporate investments. Since 2004, our primary investment strategy continues to be the safety of principal and the guideline to keep all our investments made in accordance with the California Government Code. As a result, we have not been involved in any of the investment schemes that have affected some California cities.
DISCUSSION:
In accordance with updates made to Government Code Section 16429.1 and Local Agency Investment Fund (LAIF) procedures, the City of Cathedral City’s Investment Policy is updated on an annual basis. Currently, there are no new changes or updates required for this fiscal year.
Our policy incorporates the key investment policy components of the League of California Cities, the California Society of Municipal Finance Officers, the California Municipal Treasurers Association, and the Government Finance Officers Association. This policy positions the City of Cathedral City to continue to provide the conservative stewardship of our funds, while maximizing earnings and maintaining liquidity of funds.
FISCAL IMPACT:
None
ATTACHMENTS:
90110 Investment Policy May 2015