55B - RESO INVESTMENT POLICY - Laserfiche WebLink

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REQUEST FOR COUNCIL ACTION CITY COUNCIL MEETING DATE: JUNE 18, 2019 TITLE: ADOPT RESOLUTION APPROVING CITY'S ANNUAL STATEMENT OF INVESTMENT POLICY FOR FISCAL YEAR 2019-20; RECEIVE AND FILE ANNUAL STATEMENT OF INVESTMENT POLICY FOR FISCAL YEAR 2019-20 (STRATEGIC PLAN NO. 4, 1) CI MANAGER RECOMMENDED ACTION CLERK OF COUNCIL USE ONLY: APPROVED ❑ As Recommended ❑ As Amended ❑ Ordinance on 1s' Reading ❑ Ordinance on 2nd Reading ❑ Implementing Resolution ❑ Set Public Hearing For CONTINUED TO FILE NUMBER Adopt a Resolution approving the City's Annual Statement of Investment Policy for Fiscal Year 2019-20 (Investment Policy). 2. Receive and file the Annual Statement of Investment Policy for Fiscal Year 2019-20. DISCUSSION In accordance with State law, the Finance and Management Services Agency annually submits a resolution approving the City's Annual Statement of Investment Policy for Fiscal Year (FY) 2019-20 (Exhibit 1). The Investment Policy outlines the following primary goals (Exhibit 2): • To assure compliance with all Federal, State, and local laws governing the investment of monies. • To provide for the safety of principal. • To provide for the maintenance of sufficient liquidity; and • To provide an investment return within the parameters of the of the Investment Policy and related Portfolio guidelines. The Investment Policy applies to all financial assets of the City with the exception of individual employee retirement contribution funds and deferred compensation accounts which are specifically excluded. Bond proceeds are restricted and are invested in compliance of this investment policy following the specific requirements of their applicable bond resolutions. Furthermore, staff continuously evaluates the City's policy with regards to industry standards and best practices to 55B-1