Title
Report regarding resolution approving the City’s investment policy for Fiscal Year 2017-18. (Frank Risso, City Treasurer)
label
RECOMMENDATION
Recommendation
It is recommended that the City Council adopt a resolution approving the City’s investment policy for Fiscal Year 2017-18.
Body
BACKGROUND/DISCUSSION
The City’s investment policy (Policy) needs to be approved annually to incorporate current regulations affecting the City’s investment program, if any, or other changes that the City Treasurer wishes the Council to authorize. The California Government Code requires this policy to be reviewed and approved annually.
The only material change to the Policy is the proposed addition of a Negotiable Certificate of Deposit, which is an allowable investment vehicle per state code. The City’s investment advisors, Chandler Asset Management, recommend adding Negotiable Certificates of Deposit to increase available security investment types. These investments would be restricted to 30 percent of the total portfolio and no more than 5 percent in any single issuer.
All proposed deletions to the Policy are in strikethrough, and additions are double underlined. The Policy is attached to the resolution as Exhibit A.
FUNDING
The proposed changes to the Policy are not expected to have any fiscal impact.
CONCLUSION
Adoption of the resolution will approve the City’s investment policy for Fiscal Year 2017-18.