AgdaPkt 2003-12-01 - Laserfiche WebLink

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REPORT To the Honorable Mayor and City Council . From the City Manager December 1, 2003 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, consisting of Mayor Claire and Vice Mayor Ira, 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 only substantive recommended changes are as follows: • Item I - Scope, page 1 - The scope has been amended to include the Port of Redwood City. The policy has been silent on whether or not the Port is covered by the policy. Recently, questions were raised by our auditors if the City's investment policy applies to the Port. The Finance Committee desires that this policy apply to the Port rather than the Port adopting their own policy. • Item Vlll — Guidelines by Type of Investment, page 3 — "A maximum maturity of 180 days" has been added to Section B. Bankers' Acceptances to conform to the State of California government code. • Item VIII —Guidelines by Type of Investment, page 4 —The investment with the County of San Mateo Investment Pool shall not exceed $40 million. Since the City has three accounts set up with the San Mateo County Investment Pool, "per account" was added to clarify that the $40 million investment cap applies to each account. 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 — 2003 Revisions