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<br />REQUEST FOR <br />COUNCIL ACTION <br /> <br />8 CITY COUNCIL MEETING DATE: <br /> <br />~ <br />~ <br /> <br />CLERK OF COUNCIL USE ONLY: <br /> <br />JULY 6, 2004 <br />TITLE: <br /> <br />APPROVED <br /> <br />0 As Recommended <br />0 As Amended <br />0 Ordinance on 1" Reading <br />0 Ordinance on 2'. Reading <br />0 Implementing Resolution <br />0 Set Public Hearing For <br /> <br />ANNUAL STATEMENT OF INVESTMENT <br />POLICY <br /> <br />.I <br />1) <br /> <br />0ßl <br /> <br />CONTINUED TO <br /> <br />FILE NUMBER <br /> <br />RECOMMENDED ACTION <br /> <br />1. <br /> <br />Adopt a Resolution approving the City's Investment Policy. <br /> <br />2. <br /> <br />Receive and file the Annual Statement of Investment Policy. <br /> <br />8 DISCUSSION <br /> <br />In accordance with the State Government Code, the Finance and Management <br />Services Agency Executive Director will annually render to the City <br />Council a Statement of Investment Policy. The purpose of the policy is to <br />provide for the prudent investment of idle funds. The criteria for <br />selecting investments and the order of priority are safety, liquidity, and <br />yield. The investment policy applies to all financial assets of the City. <br /> <br />FISCAL IMPACT <br /> <br />There is no fiscal impact associated with this action. <br /> <br /> <br />loma <br />e Director <br />& Management <br /> <br />Services Agency <br /> <br />8 <br /> <br />19C-1 <br />