Laserfiche WebLink
REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />JULY 17, 2018 <br />TITLE: <br />ADOPT RESOLUTION APPROVING CITY'S ANNUAL <br />STATEMENT OF INVESTMENT POLICY 2018-19; <br />RECEIVE AND FILE ANNUAL STATEMENT OF <br />INVESTMENT POLICY 2018-19 <br />{STRATEGIC PLAN NO. 4, 11 <br />ME ER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />r_1,:j:Z•PIOW <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 151 Reading <br />❑ Ordinance on 2nd Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Adopt a Resolution approving the City's 2018-2019 Investment Policy. <br />2. Receive and file the Annual Statement of Investment Policy 2018-2019. <br />DISCUSSION <br />In accordance with State law, the Finance and Management Services Agency annually submits a <br />resolution approving the City's Investment Policy and the Annual Statement of Investment (Exhibit <br />1). The investment policy outlines the following primary goals: <br />• To assure compliance with all Federal, State, and local laws governing the investment <br />of monies. <br />• To provide for the safety of principal. <br />• To provide for the maintenance of sufficient liquidity; and <br />• To provide an investment return within the parameters of the Statement of Investment <br />Policy and Investment Portfolio guidelines. <br />The investment policy applies to all financial assets of the City with the exception of individual <br />employee retirement contribution funds and deferred compensation which are specifically <br />excluded. Bond Proceeds are restricted and are invested in compliance of this investment policy <br />following the specific requirements of their applicable bond resolutions. Staff continuously <br />evaluates the City's policy with regards to industry standards and best practices to determine if any <br />newly adopted state rules or regulations are required to be incorporated within the document or if <br />any industry enhancements are recommended. As a result of staffs research and analysis <br />additional substantive changes were recommended for this year's Annual Statement of Investment <br />Policy (Exhibit 2) along with a re -certification of the policy by the Investment Policy Certification <br />55D-1 <br />