City Council
MEETING DATE: 5/10/2017
TITLE:
Title
Annual Approval of the City’s Investment Policy
End
FROM:
Tami Scott, Administrative Services Director
RECOMMENDATION:
Recommendation
Accept the Annual 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 our 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 in accordance with the California Government Code. Although reviewed annually, the last change to this policy was in 2015 when the investment maximum (limitation) was increased from $40 million to $50 million for the Local Agency Investment Fund (LAIF).
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 position of the City of Cathedral City is to continue to provide the conservative stewardship of our funds, while maximizing earnings and maintaining liquidity of funds.
FISCAL IMPACT:
N/A
ATTACHMENTS:
Investment Policy May 2017