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with the Financial Manager instead. The language in the attached Policy includes a new <br />subsection (C) that explains this change. <br /> <br />XI. Investment Pools <br />The original language outlined a comprehensive questionnaire that City staff must <br />maintain prior to investing with an investment pool, and annually thereafter. The <br />recommended changes in the draft Policy simplify the level of detail the City must <br />review. In actuality, the only two investments the City holds that fall in this category are <br />the State’s Local Agency Investment Fund, managed in-house by the State Treasurer’s <br />investment staff, and the San Mateo County Investment Pool, which is managed by <br />PFM and the County Treasurer. Both accounts have been in place over 20 years and <br />are used as the City’s primary liquidity. <br /> <br />ALTERNATIVES <br />The City Council could direct staff to make further changes to the Policy and return to <br />the Council at a future meeting for approval. It is a best practice and a Policy <br />requirement that the Council review and approve the Investment Policy annually. <br /> <br />FISCAL IMPACT <br />Changes to the policy are recommended to further diversify the City’s investment <br />portfolio and potentially enhance returns. <br /> <br />ENVIRONMENTAL REVIEW <br />This activity is not a project under CEQA as defined in CEQA Guidelines, section <br />15378, because it has no potential for resulting in either a direct or foreseeable physical <br />change in the environment. <br /> <br /> <br />SYLVIA BRAVO PETERS <br />DEPUTY TREASURER/MANAGEMENT ANALYST <br /> <br />KIMBRA MCCARTHY <br />TREASURER/ ASSISTANT CITY MANAGER – ADMINISTRATIVE SERVICES <br /> <br />MELISSA STEVENSON DIAZ <br />CITY MANAGER <br /> <br />6.1.B. - Page 7