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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />MAY 19, 2020 <br />TITLE <br />ADOPT RESOLUTION APPROVING CITY'S <br />ANNUAL STATEMENT OF INVESTMENT <br />POLICY 2020-21; RECEIVE AND FILE <br />ANNUAL STATEMENT OF INVESTMENT <br />POLICY 2020-21 <br />/s/ Kristine <br />CITY MANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />❑ <br />As Recommended <br />❑ <br />As Amended <br />❑ <br />Ordinance on 1s' Reading <br />❑ <br />Ordinance on 2nd Reading <br />❑ <br />Implementing Resolution <br />❑ <br />Set Public Hearing For_ <br />CONTINUED TO <br />1. Adopt a Resolution approving the City's 2020-2021 Investment Policy. <br />2. Receive and file the Annual Statement of Investment Policy 2020-2021. <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). <br />The investment policy outlines the following primary goals (Exhibit 2): <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 excluded. <br />Bond Proceeds are restricted and are invested in compliance of this investment policy following the <br />specific requirements of their applicable bond resolutions. Investment Staff <br />continuously evaluates the City's policy with regards to industry standards and best practices to <br />determine if any newly adopted state rules or regulations are required to be incorporated within the <br />document or if any industry enhancements are recommended. <br />In 2018, as a result of staffs research and analysis, substantive changes were made for the 2018- <br />2019 fiscal year Annual Statement of Investment Policy. The revised policy was submitted to the <br />Investment Policy Certification Committee of the Association of Public Treasurers of the United <br />States & Canada (APTUS&C) and the California Municipal Treasurers Association (CMTA) for re- <br />55A-1 <br />