TITLE
Recommendation to adopt the Statement on Investment Policy for Calendar Year 2009 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 for adoption. The Investment Policy is based on the California Government Code, as well as standards recommended by professional organizations including the California Debt and Investment Advisory Commission, the California Municipal Treasurers' Association and the California Society of Municipal Finance Officers.
The Statement of Investment Policy for calendar year 2009 was presented for review on November 5, 2008 to the Investment Committee, which consists of the following or their representatives: City Manager, City Attorney, City Auditor, Director of Financial ManagementlCFO, City Treasurer, City Controller, Budget and Performance Management Bureau Manager, and designated representatives from the Harbor, Water and Community Development Departments.
In light of the current global financial crisis, the Investment Committee re-evaluated the City's Investment Policy to ensure compliance with applicable regulatory Codes and the City's needs. After careful consideration, the Investment Committee has decided not to recommend any changes to the City's Investment Policy as it is in compliance with the California Government Code, and in fact, is actually more restrictive than California law in most regards. An overview of the differences between the City of Long Beach's Investment Policy and the California Government Code is attached. In fact, the City has even stricter and more conservative policies relating to its investments than the California Government Code in at least ten of the City's 15 permitted investment categories. Specifically, the City's Investment Policy sets minimum rating require...
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