TITLE
Recommendation to adopt revised Statement on Investment Policy for Calendar Year 2009 pursuant to Section 53646(a) of the State of California Government Code. (Citywide)
DISCUSSION
On December 2,2008, the City Council adopted the Statement on Investment Policy for calendar year 2009 in accordance with the State of California Government Code, Section 53600, et seq. At that time, the City Council requested the policy be amended to include conflict of interest disclosures for employees involved in the investment process and to clarify guidelines for investing in local government investment pools.
The Investment Advisory Committee (Committee), which consists of the Assistant City Manager, Assistant City Attorney, Assistant City Auditor, Director of Financial Management/CFO, City Treasurer, City Controller, Budget and Performance Management Bureau Manager, and designated representatives from the Harbor, Water and Community Development Departments, reviewed draft language that would revise the Investment Policy accordingly.
The Committee also reviewed the existing City policy governed by the Fair Political Practices Commission (FPPC) guidelines. The Committee agreed to amend the Investment Policy to reflect that members who are involved in the investment process are required to comply with the City's current disclosure requirements on an annual basis.
TIMING CONSIDERATIONS
This item is not time critical.
FISCAL IMPACT
There is no fiscal impact associated with this action.
SUGGESTED ACTION
Approve recommendation.
Respectfully Submitted,
DAVID S. NAKAMOTO
CITY TREASURER
LORI ANN FARRELL
DIRECTOR OF FINANCIAL MANAGEMENT/CFO
NAME |
APPROVED: |
TITLE |
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PATRICK H. WEST |
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CITY MANAGER |