HomeMy WebLinkAbout1999-05-25 - AGENDA REPORTS - INVESTMENT POLICY STMT (2)CONSENT CALENDAR
DATE:
SUBJECT:
DEPARTMENT:
AGENDA REPORT
City Manager Approv
Item to be presented by:
Barbara Boswell
May 25, 1999
CITY OF SANTA CLARITA'S FISCAL YEAR 1999-00 STATEMENT
OF INVESTMENT POLICY
Administrative Services
RECOMMENDED ACTION
Adopt the City of Santa Clarita's Fiscal Year 1999-00 Statement of Investment Policy.
BACKGROUND
Per California Government Code Section 53646, the City Treasurer is required to annually present
the City's Investment Policy to the City Council to reaffirm or to make any changes to the existing
policy.
The Investment Policy provides guidelines for the management of the City's cash and the investment
of its idle funds. The Policy affords the City various investment opportunities as long as the
investment is deemed prudent under the Prudent Person Rule (Civil Code Section 2261, et seq.) and
is allowable under the current legislation of the State of California (Government Code Section
53600, et seq.). The Policy's guidelines emphasize the importance of safety and liquidity fust. The
yield on the City's investment portfolio is secondary to these first two objectives.
Minor revisions to the current Investment Policy have been recommended by staff based on
comments received from the Municipal Treasurer's Association and on suggestions made by the
Government Finance Officers Association. One addition is being recommended to the City's
Statement of Investment Policy. It states that the investment policy will be reviewed and adopted
annually by the City's legislative authority.
Adopted: 5- z -c � Agenda Item_1
CITY OF SANTA CLARITA'S FISCAL YEAR 1999-00 STATEMENT OF INVESTMENT
POLICY
May 25, 1999 - Page 2
ALTERNATIVE ACTIONS
Other actions as determined by the City Council.
FISCAL IMPACT
None by this action.
ATTACHMENTS
The City of Santa Clarita's Fiscal Year 1999-00 Statement of Investment Policy is available for
review in the City Clerk reading file.
s:Tin\april\invest\policy\agenda00.doc:ajs