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Resolution approving the City’s investment policy for Fiscal Year 2017-18.
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WHEREAS, the City of South San Francisco (“City”) has an elected City Treasurer (“Treasurer”) whose election has been certified by the City Clerk; and
WHEREAS, the City Treasurer has appointed Deputy Treasurers, the Director of Finance and the Financial Services Manager, and those appointments were confirmed by resolution of the City Council on February 12, 2014; and
WHEREAS, California Government Code Section 53646 provides that the Treasurer of a city may annually render to the legislative body of that local agency a statement of investment policy, which the legislative body of the local agency shall consider at a public meeting; and
WHEREAS, the City Council reviewed a proposed Investment Policy for Fiscal Year 2017-18 (“Investment Policy”) provided by the City Treasurer on June 28, 2017 that authorizes Negotiable Certificates of Deposit; and
WHEREAS, annual review of the investment policy provides prudent financial oversight.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of South San Francisco, at a duly noticed public meeting has received, reviewed and adopts the investment policy for Fiscal Year 2017-18, set forth in Exhibit A, attached hereto and incorporated herein by this reference.
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