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6.A. - Page 3 of 40 <br />of delivery. The Code does not require California public entities to submit quarterly reports to the entity's <br />legislative body. However, should an entity choose to do so, they must follow the requirements of Code <br />Section 53646 including that quarterly reports be submitted to the entity's legislative body within 30 days <br />of quarter end. <br />This requirement is difficult for many entities to meet, as some of the data required for the report is not <br />available within 30 days. For example, the interest the City receives on its funds invested in the County <br />Pool is not provided to the City until after 30 days after quarter end. Maze recommended we address this <br />timing issue of the report in the policy. In order to continue providing the City Council comprehensive <br />reports without being in violation of the Code, staff recommends modifying the Policy language on the <br />quarterly reporting to remove direct reference to the timing of the report. This change, however, will not <br />alter the frequency or substance of the financial reports submitted to City Council. <br />FISCAL IMPACT <br />There is no direct fiscal impact to adopting the policy updates. <br />ENVIRONMENTAL REVIEW <br />This activity is not a project under California Environmental Quality Act (CEQA) as defined in CEQA <br />Guidelines, section 15378, because it has no potential for resulting in either a direct or reasonably <br />foreseeable indirect physical change in the environment. <br />PUBLIC NOTICE <br />Public Notification was achieved by posting the agenda, with the agenda items being listed, at least 72 <br />hours prior to the meeting <br />ALTERNATIVES <br />The Council could direct staff to make further changes to the policy and bring back to the full Council at <br />a later date. Annual review and adoption of changes to the Investment Policy is a best practice. <br />ATTACHMENTS <br />Attachment A - Investment Policy with changes in strike -text format <br />Attachment B - Investment Policy clean version <br />Page 3 of 4 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />