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55D - RESO - INVESTMENT POLICY
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55D - RESO - INVESTMENT POLICY
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Last modified
6/29/2017 4:06:16 PM
Creation date
6/29/2017 3:43:00 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Finance & Management Services
Item #
55D
Date
7/5/2017
Destruction Year
2022
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Annual Statement of Investment Policy <br />July 5, 2017 <br />Page 2 <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 Policy applies to all financial assets of the City, with the exception of Bond Proceeds. Finance <br />and Management Services Agency Treasury and Customer Service ("Treasury") staff continually <br />analyze the portfolio and act to maximize earnings while safeguarding assets and maintaining <br />liquidity. <br />Annually, Treasury staff conducts an evaluation of the City's Policy document to determine <br />compliance with applicable Federal and State regulations and with industry standards and best <br />practices to determine 9 any enhancements or newly adopted rules and regulations are <br />required to be incorporated within the document. Based on these regular staff evaluations <br />periodic updates and revisions to the investment policy are recommended. <br />On June 14, 2014, the City was awarded a Certificate of Excellence Award from The <br />Association of Public Treasurers of United States of America & Canada ("Association"). The <br />award reflects the City's success in developing a comprehensive written investment policy in <br />accordance with industry best practices. <br />The Association's Investment Policy Certification Committee recommends recertification of <br />member cities' investment policies after a three year interval. As a result of Treasury staffs <br />annual review process, only minor updates have been recommended for the 2017-18 Annual <br />Statement of Investment Policy (Exhibit 2). <br />The recommended minor modifications reflected in the proposed updated Policy are as follows: <br />A. The amended Policy language reflects current state language updating the <br />current "Prudent Person" standard of care to the higher "Prudent Investor" <br />standard and conforms to industry standards of care as promulgated by the <br />Association and the California Municipal Treasurers Association (CMTA). <br />B. The Policy amendments relating to when the City may sell a security allows for <br />the City to explore pre -paying certain obligations such as CaIPERS annual <br />expenditures if it is financially advantageous for the City to do so. <br />C. Minor miscellaneous amendments addressing: removal of superseded securities <br />language relating to Government Sponsored Enterprises; increases in allowable <br />percentages regarding purchases related to Commercial Paper and Medium <br />Term Notes; updated reference to Bond indentures together with updating of <br />industry terminology relating to Collateral/Security for Deposit of Public Funds; <br />and clarification of the requirement for the City Council to adopt the Investment <br />Policy by resolution at a public meeting serve to bring the City's Policy into full <br />55D-2 <br />
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