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6.1 B <br />Page 1 <br />REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />May 24, 2010 <br />SUBJECT <br />Investment Policy <br />RECOMMENDATION <br />By motion, approve the City of Redwood City investment policy as amended. <br />BACKGROUNQ <br />The government code requires that the City's investment policy be presented to the City <br />Council for review and approval each year only if there are changes made to the policy. <br />The only recommended change (under Section III -~ Objectives) is to change the title <br />"Market Risk" to "[merest Rate Risk" to mare explicitly define the nature of this risk. <br />Inasmuch as the recommended change is more clerical and ministerial in nature the <br />Council Finance Committee was not convened to review this change. Instead staff <br />presented the proposed change to Mayor Ira, chair of the Finance Committee, who <br />reviewed this change and directed staff to present the revised investment policy to the full <br />Council for consideration. <br />The recommended investment policy with the change illustrated in underline and <br />strikethrough format is attached. <br />ALTERNATIVES <br />Council may elect not to approve this recommendation but in doing so places the City in <br />the position of having its investment policy lacking some measure of clarity. <br />FISCAL IMPACT <br />There is no fiscal impact associated with the recommended change to the City's <br />investment policy. <br />Brian Pont <br />Director of Finance <br />Peter In ram <br />City Manager <br />ATTACHMENTS <br />1. Proposed 2010 Investment Policy and Guidelines <br />