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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />JUNE 17, 2014 <br />TITLE: <br />ANNUAL STATEMENT OF INVESTMENT POLICY <br />CITY MANA <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1" Reading <br />❑ Ordinance on 2"" Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For_ <br />CONTINUED TO <br />FILE NUMBER <br />Adopt a Resolution approving the City's Investment Policy. <br />2. Receive and file the Annual Statement of Investment Policy. <br />DISCUSSION <br />The Finance and Management Services Agency annually is required to submit to the City Council <br />a resolution approving the City's Investment Policy and the Statement of Investment in accordance <br />with State Law. Staff recently reviewed the California Government Code to ensure the City's <br />investment policy was consistent with any changes or updates. As a result, staff is recommending <br />certain changes so as to make the City's investment policy consistent with the California <br />Government Code (Exhibit 1). The policy outlines the City's policies and practices. The primary <br />goals are: <br />1) To assure compliance with all Federal, State, and local laws governing the investment of <br />monies. <br />2) To provide the safety of principal and sufficient liquidity. <br />3) 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 Bond <br />Proceeds. A review of the investment policy is scheduled for the coming fiscal year and will <br />be reviewed in conjunction with the Finance, Economic Development, Technology Council <br />committee. <br />55E -1 <br />