TITLE
Recommendation to adopt the Statement of Investment Policy for Calendar Year 2023 pursuant to Section 53646(a) of the State of California Government Code. (Citywide)
DISCUSSION
In accordance with the State of California Government Code, Section 53646, et seq., the City Treasurer must present to the City Council an annual Statement of Investment Policy (Investment Policy). The Investment Policy for the City of Long Beach (City) is based on policies recommended by several professional organizations, including the California Municipal Treasurers’ Association and the Government Finance Officers Association.
The attached Investment Policy for Calendar Year 2023 (Policy) aligns with the California Government Code Section 53601, which governs investments by local agencies. The following non-material updates were included:
1. For Supranational Securities: Updated the maximum per issuer to 10 percent (from 5 percent), to align with the 30 percent maximum percentage of portfolio, since there are only three Supranational entities eligible for purchase.
2. Revisions to Appendix D of the policy included removing definitions that were not stated in the body of the investment policy.
The Investment Policy was reviewed and approved by the Investment Advisory Committee, composed of the Deputy City Auditor, Principal Deputy City Attorney, City Treasurer, City Controller, and designated representatives from the Harbor and Water Departments. The Investment Policy was also reviewed by the City’s Investment Advisor, Chandler Asset Management. The changes are detailed in Attachment A.
This matter was reviewed by Principal Deputy City Attorney Richard F. Anthony on September 28, 2022 and by Revenue Management Officer Geraldine Alejo on September 27, 2022.
TIMING CONSIDERATIONS
The Government Code requires the City Council’s annual adoption of the City’s Investment Policy.
FISCAL IMPACT
This recommendation has no staffing impact beyond the normal budgeted scope...
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