AgdaPkt 2002-03-25 - Laserfiche WebLink

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7.1-,PI Council March 25, 2002 Subject Investment Policy Recommendation It is recommended that the City Council approve the proposed changes to the City's Investment Policy. Background The gOvernment code requires that the City's Investment Policy be Presented to Council for review and approval each year. The City's practice has been to first present the Investment Policy to the Finance Committee (formerly known as the Investment Committee) for review and approval of any suggested changes. In keeping with this practice, the Finance Committee reviewed and approved the suggested changes to the City's Investment Policy. The majority of the changes are clerical in nature and either correct typographical errors or improve the readability of the ' document. The only substantive changes are as follows: Item I - Scope, page I - The scope has been amended to include parenthetically funds controlled by fiscal agents acting under the direction of the City Treasurer in order to offer more clarification and be more explicit. · Item VI - Acceptable Investment Instruments, page 2 - In advance has been added to the first sentence of this section to make it clear that before an investment, which is outside of this policy and the State of California Government Code, is considered, it will be brought before the Council for approval. · Item Xl - Finance Committee Authority and Reports to Council, page 5 - With regard to the current fed funds rate as of the last day of the month, "fluctuating by 2% ormore" has been added for more clarity. ~ The proposed Investment Policy with changes is attached. Brian Ponty Edward P. Everett Director of Finance and Financial Planning City Manager Attachment Investment Policy and Guidelines - 2002 Revisions