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|REQUEST FOR COUNCIL
DEPARTMENT AGENDA ITEM REVIEW_____
Finance Department (Jones) Annual Review of the
Citys Investment PolicyPREVIOUS ACTIONS:
November 25, 1997, Resolution 97-237 was passed updating the Citys investment policy to be in compliance with State legislative actions.
September 8, 1998, the investment policy was submitted to the City Council for review as required by Government Code.
RECOMMENDED COUNCIL ACTION:
Review the Citys Investment Policy (Council Policy No. 10-4)
The Government Code requires the citys investment policy to be reviewed annually by the City Council at a public meeting (Section XII), and delegate the investment management responsibility to the Treasurer for a one-year period. Delegation of the investment management is included within the Policy under (Section V).
The only recommended revisions to the investment policy at this time, would be increasing the State Local Agency Investment Fund limit to $30,000,000 as permitted under Section 16429.1 of the Government Code and removing the reporting requirements for accrued interest . The Citys investment advisor, Public Financial Management, Inc., has reviewed the policy and recommended no changes to the policy
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Brentwood, CA 94513
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