Title
Recommendation to Approve the City of Alameda Investment Policy. (Finance 10024051)
Body
To: Honorable Mayor and Members of the City Council
From: Kevin Kennedy, City Treasurer
EXECUTIVE SUMMARY
Annually, the City Treasurer and the Finance Director review the City of Alameda's (City) Investment Policy for changes and revisions that may be needed to comply with applicable sections of the California Government Code or any other changes to keep the Policy updated to current business practices. Tonight, the City Council is asked to approve the City's Investment Policy with proposed changes as outlined below.
BACKGROUND
Section 5-2 of the Alameda City Charter requires the City Treasurer to annually recommend to the City Council, at a public meeting, an Investment Policy for City Council's approval. The City Treasurer and Finance Director have reviewed and recommend these proposed changes to the City's Investment Policy.
DISCUSSION
The City's Investment Policy affirms the fiduciary responsibility to safeguard public assets and identify the opportunities for a systematic investment process. Priority is placed first on securing the safety of principal and the liquidity needed for payroll and other City obligations, then on yield of the investment.
The City's Investment Policy is reviewed annually by the City Treasurer and Finance Director and is attached to this report (Exhibit 1). The policy has been developed in accordance with standards and policies established by the California Debt and Investment Advisory Commission (CDIAC) and the Association of Public Treasurers of the United States and Canada (APTUSC).
The Investment Policy provides for staff to submit quarterly Investment Transaction Reports to the City Council. Investment Transaction Reports include summaries of all transactions within the investment portfolio and a statement confirming that current liquidity is adequate to meet expenditures for the next six months, as required by the ...
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