For City Council Meeting of [January 9, 2024]
TO: Honorable Mayor and City Council
APPROVAL: Henry Garcia, Interim City Manager
FROM: Katherine Stevens, Director of Finance
Title
Request City Council to Adopt Resolution No. 8176 Approving the 2024 Investment Policy.
Body
BACKGROUND:
Annually, staff review the City's Investment Policy and makes changes for the conformity with the California Government Code. On February 14, 2023, the City Council adopted the Investment Policy for calendar year 2023. In accordance with prior City Council direction given to the City Manager, the Investment Policy for calendar year 2024 is submitted for approval with no significant changes.
ANALYSIS/DISCUSSION:
An annual Investment Policy by law has to be submitted to City Council for approval.
The attached calendar year 2024 Investment Policy describes:
* The investment process
* Scope
* Objectives
* Authority
* Suitable Investments
* Ethics
* Broker-Dealer Authorization
* Legal requirements
* Internal controls and reporting
There are no significant changes in the proposed language or text from the 2023 Investment Policy. The Investment Policy for Calendar Year 2024 will be effective from January 1, 2024 to December 31, 2024.
ENVIRONMENTAL IMPACT:
According to Section 15378 of the California Environmental Quality Act (CEQA), the term "project" refers to the activity which is being approved and which may be subject to several discretionary approvals by governmental agencies which has a potential for resulting in either a direct
physical change in the environment, or a reasonably foreseeable indirect physical change in the environment. A Project does not include the creation of government funding mechanisms or other government fiscal activities which do not involve any commitment to any specific project which may result in a potentially significant physical impact on the environment. The proposed Investment Policy is not a project and is not subject to the requirements o...
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