Title
Recommendation to Approve the City of Alameda Investment Policy. (Finance 2410)
Body
To: Honorable Mayor and Members of the City Council
From: Kevin Kennedy, City Treasurer
Re: Recommendation to Approve the City of Alameda Investment Policy
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 the 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 City's Investment Policy received a Certification of Excellence from California Municipal Treasurers Association in September 2017. Finance Department staff submitted the revised investment policy to APTUSC for recertification this year as well.
The Investment Policy provides for staff to submit quarterly Investment Reports to the City Council. Investment Reports include investment summaries with the market value of securities and a statement confirming that current liquidity is adequate to meet expenditures for the next six months, as required by the California Government Code.
The City Treasurer and Finance Director are proposing certain changes, as listed below, to the Policy to reflect actual pr...
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