Report Prepared by: Teri Albrecht, Deputy Finance Officer
Title
SUBJECT: Investment Policy
REPORT IN BRIEF
Consider update to Investment Policy.
RECOMMENDATION
City Council - Adopt Resolution 2016-11, a Resolution of the City Council of the City of Merced, California, adopting Investment Policy.
Body
ALTERNATIVES
1. Adopt as recommended by staff; or
2. Refer back to staff with specific direction.
AUTHORITY
State of California Government Code Section 53646(a)(2).
CITY COUNCIL PRIORITIES
As provided for in the 2015-16 Adopted Budget.
DISCUSSION
Current investment laws state that the Finance Officer may annually render to the legislative body a statement of investment policy, which the legislative body shall consider at a public meeting. Any change in the policy shall be considered by the legislative body at a public meeting.
A good investment policy drives the cash, treasury and investment management functions of an agency. It serves as a guide for setting and achieving program objectives, defines rules and establishes benchmarks, and reduces the exposures to liability of the investment staff and the governing board.
Language and definitions in the Investment Policy are being updated. The policy was previously updated in 2012 with Resolution No. 2012-48.
IMPACT ON CITY RESOURCES
No appropriation of funds is needed.
ATTACHMENTS
1. Investment Policy 2016
2. Investment Policy 2012
3. Resolution