TITLE
Recommendation to adopt the Statement of Investment Policy for Calendar Year 2019 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 is based on policies recommended by several professional organizations, including the California Municipal Treasurers' Association and the Government Finance Officers Association.
The attached 2019 Investment Policy (Policy) has a number of non-material improvements designed to make it easier to understand. The Policy was reviewed and approved by the Investment Advisory Committee (IAC) and City's Investment Advisor Chandler Asset Management, and is recommended for adoption by the City Council. The changes are detailed in Attachment A.
This matter was reviewed by Deputy City Attorney Linda T. Vu on October 17, 2018 and by Budget Analysis Officer Julissa Jose-Murray on October 23,2018.
TIMING CONSIDERATIONS
The Government Code requires the City Council's annual adoption of the City's Investment Policy.
FISCAL IMPACT
There is no fiscal or 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