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Annual Statement of Investment Policy <br />June 06, 2023 <br />Page 2 <br />3 <br />5 <br />0 <br />1 <br />(APTUS&C), so that Santa Ana’s investment policy can be certified at the international <br />North American level and at the state level with CMTA. If re-certified by APTUS&C, the <br />City’s investment policy will join only a handful of California cities that hold such dual <br />certification. <br />Both certification bodies recommend an annual evaluation of investment policies for <br />local public agencies. However, unless there are significant legislative changes, <br />alterations in industry standards, or substantive modifications, the submission for re- <br />certification should be considered only every 3 to 5 years. This year, staff <br />recommendations for changes have been minimal and primarily non-substantial in <br />nature. The recommended City of Santa Ana Investment Policy Statement for 2023- <br />2024 incorporates these changes, which are listed below. <br />These changes continue to reflect updated certification organization requirements <br />mirroring the policy consensus of the APTUS&C and CMTA. The changes include, but <br />are not limited to the following updates: <br />•Update Section 8 – Authorized and Suitable Investments to include California <br />Cooperative Liquid Assets Securities System (CLASS) Prime Fund as an <br />allowable investment instrument. <br />•Update Section 7.3 – Authorized Financial Institution and Qualified Broker- <br />Dealers to increase Qualified Broker-Dealer certifications from bi-annual to <br />triennial. <br />•Reflect the update to California Government Code Section 53646(b)(1) to <br />increase local agency reporting requirements by 15 days, from 30 to 45 days <br />following the end of the quarter. <br />•Reflect the update of corresponding California Debt and Investment Advisory <br />Commission (CDIAC) Guidelines for Allowable Investment Instruments per State <br />Government Code (As of January 1, 2023) applicable to all Local Agencies, and <br />legislative California Investment Code Abstracts. <br />Staff recommends that City Council adopt a Resolution approving the City’s 2023-24 <br />Investment Policy. On the July 18, 2023 City Council agenda, staff plans to recommend <br />adoption of a Resolution to approve CLASS Prime Fund as an allowable investment <br />instrument. <br />EXHIBIT(S) <br />1. Resolution <br />2. Annual Statement of Investment Policy <br />Submitted By: Kathryn Downs, FMSA Executive Director <br />Approved By: Kristine Ridge, City Manager