CITY COUNCIL AGENDA ITEM
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
Adopt a Resolution approving Investment Policy No. 10-4 and delegating
annual management responsibility for the investment program to the City
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.
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
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
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: