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Current Council Agenda and Past Meeting Information

 

CITY COUNCIL AGENDA ITEM NO. 15


Meeting Date: June 26, 2007

Subject/Title: Adopt a Resolution delegating annual management responsibility for the investment program to the City Treasurer

Prepared by: Liz Ybarra, Accountant I

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



RECOMMENDATION
Adopt a Resolution approving Investment Policy No. 10-4 and delegating annual management responsibility for the investment program to the City Treasurer.

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 June 13, 2006 Investment Policy 10-4 was presented for the required annual review and
Resolution 2006-132 was passed updating the City’s Investment Policy.

BACKGROUND
Section 12 of the City’s Investment Policy requires annual review of the Policy by the City Council at a public meeting. Section 5 of the Policy requires annual delegation of investment management responsibility to the City Treasurer for a one-year period.

The City’s Investment advisor, PFM Asset Management LLC, was consulted to verify that there were no changes to the State Government Code that would require an amendment to this Policy. No changes to the current policy were made.

FISCAL IMPACT
None

Attachment:
Resolution


RESOLUTION NO.


A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BRENTWOOD DELEGATING ANNUAL MANAGEMENT RESPONSIBILITY FOR THE INVESTMENT PROGRAM TO THE CITY TREASURER

WHEREAS, Investment Policy 10-4 has been reviewed and no changes were deemed necessary.

NOW, THEREFORE BE IT RESOLVED that the City Council of the City of Brentwood hereby delegates annual management responsibility for the investment program to the City Treasurer for Fiscal Year 2007/2008.

PASSED, APPROVED AND ADOPTED by the City Council of the City of Brentwood at a regular meeting held on the 26th day of June 2007 by the following vote:




 

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