Brentwood City Hall


Our home pageContact UsPrevious Page

Central Park Gazebo

 

CITY COUNCIL AGENDA ITEM NO. 2



Meeting Date: September 25, 2001

Subject/Title: Review Council Policy 10-4, City of Brentwood Investment Policy and approve a resolution amending said policy. 

Submitted by: Pamela Ehler, Director of Finance & Information Systems

Approved by: Jon Elam, City Manager



RECOMMENDATION
Review Council Policy 10-4, City of Brentwood Investment Policy and approve a resolution amending said policy. 

PREVIOUS ACTION
On October 22, 1991, the City Council adopted an Investment Policy that set parameters for the types of investments the City may utilize for all funds (except retirement funds). 

On November 25, 1997, Resolution 97-237 was passed updating the City’s Investment Policy to be in compliance with State legislative actions. 

The Investment Policy is reviewed annually by the City Council at a public meeting as required by Government Code. The Investment Policy was last reviewed at the regular meeting of the City Council of the City of Brentwood on October 24, 2000.

BACKGROUND
The Government Code requires the City’s 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 revision to the Investment Policy at this time is to redefine the purchases of eligible commercial paper not to exceed 180 days maturity. The City’s investment advisor, Public Financial Management, Inc., has reviewed the policy and recommends no further changes to the policy.

FISCAL IMPACT
None Known

· Resolution
· Policy 10-4

RESOLUTION NO. 


A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BRENTWOOD AMENDING COUNCIL POLICY 10-4, CITY OF BRENTWOOD INVESTMENT POLICY. 

WHEREAS, on October 22, 1991, the City Council adopted an Investment Policy that set parameters for the types of investments the City may utilize for all funds (except retirement funds); and

WHEREAS, the Government Code requires the City’s 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); and

WHEREAS, the only recommended revision to the Investment Policy at this time is to redefine the purchases of eligible commercial paper not to exceed 180 days maturity; and

WHEREAS, the City’s investment advisor, Public Financial Management, Inc., has reviewed the policy and recommends no further changes to the policy.

NOW, THEREFORE BE IT RESOLVED, that the City Council of the City of Brentwood does hereby amend the Investment Policy to redefine the purchases of eligible commercial paper not to exceed 180 days maturity.

PASSED, APPROVED AND ADOPTED by the City Council of the City of Brentwood at a regular meeting held on September 25, 2001 by the following vote:

Top of Page