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6.A. -Page 4 of 22 <br />CITY OF REDWOOD CITY <br />INVESTMENT POLICY <br />PURPOSE: The purpose of this policy is to provide guidelines for investment of the City's funds. <br />I. Policy <br />The City shall invest public funds in such a manner as to comply with all federal, state, and local statues <br />governing the investment of public funds4w-s; ensure prudent money management; provide for daily <br />cash flow requirements; and meet the objectives of the Policy, in priority order of safety, liquidity, and <br />return on investment. <br />II. Scope <br />A. Investments for all the funds in the custody of the City, including funds belonging to other agencies <br />and entities, such as the Port and Redevelopm^^* Successor Agency to the former Redevelopment <br />Agency, for which the City acts as fiscal agent will be made on a pooled basis. These funds are <br />normally accounted for in the City's Comprehensive Annual Financial Report (CAFR), which includes <br />the annual independent audit report, under the following categories: <br />1. General Fund <br />2. Special Revenue Funds <br />3. Capital Project Funds <br />4. Debt Service Funds <br />5. Enterprise Funds <br />6. Internal Service Funds <br />7. Agency Funds <br />B. The City Council may, on the recommendation of the City Manager and the City Treasurer, expressly <br />authorize exceptions to this policy. <br />C. If, at the time this policy is adopted, the portfolio holds investments which were made in the past <br />and in accordance with previous policies and existing Federal and f e d e r a I a n -State laws but <br />do not meet the provisions of this policy, such past investments are grandfathered as permissible <br />investments. The City may choose to hold such investments until maturity; however, their <br />maturity cannot be extended without the express authorization of the City Council. <br />D. Funds excluded from this policy: <br />1. Bond Proceeds —Proceeds of debt issuance shall be invested in accordance with the City's <br />general investment philosophy asset forth in this policy. The overriding policy for the investment <br />of bond proceeds will be dictated by the bond documents governing such funds as long as <br />the documents are approved by the City Council or related governing board. <br />2. Deferred Compensation, Retirement, Section 115 Trust, and Other Post Retirement <br />Employment Benefit Plans— Investments related to these plans are not subject to this policy <br />since third -party administrators or trustees manage the funds and either the individual plan <br />participants or outside investment managers or trustees direct investment selections under <br />the guidelines established by City Council. <br />III. Investment Philosophy <br />Approved update: °% 1 <br />22 <br />