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The material in this following section is based on longstanding City policies and practices, and <br />recommendations developed by the National Advisory Council on State and Local Budgeting <br />whose founding members include the International City and County Managers Association <br />(ICMA), Government Finance Officers Association (GFOA) and California Society of Municipal <br />Finance Officers (CSMFO). <br />ANNUAL STATEMENT OF INVESTMENT POLICY <br />The objective of the Investment Policy is to outline the City's investment guidelines, rules, <br />and practices. The primary goals of the City's Investment Policy are: <br />• To assure compliance with all federal, state, and local laws governing investment of <br />monies. <br />• To provide the safety of principal and sufficient liquidity. <br />• To provide an investment return within the parameters of the Statement of Investment <br />Policy and Investment Portfolio guidelines. <br />The Policy applies to all financial assets of the City, with the exception of Bond Proceeds. <br />Finance and Management Services Agency Treasury and Customer Service staff continually <br />analyze the portfolio and act to maximize earnings while safeguarding assets and maintaining <br />liquidity. <br />On an annual basis, Treasury staff conducts an evaluation of the City's Policy document to <br />determine compliance and applicable Federal and State regulations and with industry <br />standards and best practices to determine if any enhancements or newly adopted rules and <br />regulations are required to be incorporated within the document. Based on these regular <br />staff evaluations period updates and revisions to the investment policy may be <br />recommended. <br />DEBT POLICY <br />The following are general objectives that this policy intends to accomplish: <br />• Ensure that all debt issuance is in alignment with the City's Strategic Plan goals & <br />objectives as well as the City's Capital Improvement Plan <br />• Determine appropriate use of debt financing & the purpose of the debt; <br />• Establish parameters and specific limits for issuing debt; <br />• Identify financing options & types of debt that may be issued; <br />• Ensure cost-effective borrowing by minimizing debt service and issuance costs; <br />• Ensure compliance with applicable state and federal laws; <br />• Ensure full and timely repayment of debt service; and <br />• Maintain full and complete financial disclosure and reporting of debt. <br />