Long Beach, CA
File #: 15-1181    Version: 1 Name: FM - Investment Policy for 2016
Type: Agenda Item Status: Approved
File created: 10/30/2015 In control: City Council
On agenda: 11/17/2015 Final action: 11/17/2015
Title: Recommendation to adopt the Statement on Investment Policy for Calendar Year 2016 pursuant to Section 53646 (a) of the State of California Government Code. (Citywide)
Sponsors: Financial Management
Attachments: 1. 111715-R-17sr&att.pdf

TITLE

Recommendation to adopt the Statement on Investment Policy for Calendar Year 2016 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 to the City Council an annual Statement of Investment Policy (Investment Policy). The Investment Policy for the City is based on policies recommended by several professional organizations including the California Municipal Treasurers’ Association and the California Society of Municipal Finance Officers.

 

The proposed 2016 Investment Policy has a number of non-material improvements designed to make the Policy easier to understand and slightly more conservative. It was reviewed and approved by the Investment Advisory Committee (IAC) and recommended for adoption by the City Council.  The changes are detailed in Attachment A.

 

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 expected from these changes and there is no local job impact associated with this recommendation.

 

SUGGESTED ACTION

Approve recommendation.

 

Respectfully Submitted,

JOHN GROSS

DIRECTOR OF FINANCIAL MANAGEMENT

 

 

 

 

APPROVED:

 

PATRICK H. WEST

CITY MANAGER