TITLE
Recommendation to adopt the Statement on Investment Policy for Calendar Year 2014 pursuant to Section 53646 (a) of the State of California Government Code. (Citywide)
DISCUSSION
In accordance with the State of California Government Code, Section 53600, et seq., the City Treasurer must present an annual Statement of Investment Policy to the City's legislative body. The Investment Policy is based on those standards recommended by several professional organizations including the California Municipal Treasurers' Association and the California Society of Municipal Finance Officers.
The City Council last adopted the Statement of Investment Policy on November 13, 2012. The Statement of Investment Policy for calendar year 2014 was presented for review on November 26, 2013 to the Investment Advisory Committee, which consists of the Assistant City Manager, Deputy City Attorney, Assistant City Auditor, Director of Financial Management, City Treasurer, City Controller, Budget and Performance Management Bureau staff and designated representatives from the Harbor and Water departments.
There were no changes to the California Government Code related to investments; therefore, the Investment Advisory Committee recommends no change to the City's policy for calendar year 2014.
TIMING CONSIDERATIONS
The Government Code requires the City Council's adoption of the City's Investment Policy annually.
FISCAL IMPACT
There is no fiscal impact or local job impact associated with this recommendation.
SUGGESTED ACTION
Approve recommendation.
Respectfully Submitted,
DAVID NAKAMOTO
CITY TREASURER
JOHN GROSS
DIRECTOR OF FINANCIAL MANAGEMENT
APPROVED:
PATRICK H. WEST
CITY MANAGER