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Resolution approving the City’s Investment Policy for Fiscal Year 2025-26.
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WHEREAS, the City of South San Francisco has established an Investment Policy to provide guidelines for the prudent and effective management of the City's investment portfolio; and
WHEREAS, the primary objectives of the Investment Policy are to ensure compliance with applicable laws, and to maintain the safety, liquidity, and yield of the City’s investments; and
WHEREAS, the Investment Policy is reviewed and presented annually to the City Council for consideration and approval; and
WHEREAS, the proposed Investment Policy for Fiscal Year 2025-26, attached hereto as Exhibit A, includes minor modifications from the prior fiscal year’s policy, including:
• Augmentation of policy language to reflect additional investment restrictions beyond California Government Code requirements, with clarification that concentration limits and credit quality requirements apply at the time of purchase;
• An increase in Federal Agency obligation concentration limits to 30% per issuer, and the establishment of a 20% maximum allocation for agency callable securities;
• Inclusion of municipal securities as authorized under California Government Code Sections 53601(a), (c), (d), and (e), subject to additional restrictions on concentration and minimum credit quality; and
• Inclusion of local government investment pools as authorized under California Government Code Section 53601(p);
WHEREAS, City staff will continue to work in collaboration with the City’s investment advisor, Chandler Asset Management, to ensure the City’s Investment Policy reflects best practices and remains aligned with applicable legal requirements.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of South San Francisco hereby approves the Investment Policy for Fiscal Year 2025-26, attached hereto as Exhibit A.
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