HomeMy WebLinkAbout2001-05-08 - AGENDA REPORTS - INVESTMENT POLICY (2)CITY OF SANTA CLARITA
AGENDA REPORT
City Manager Approi
Item to be presented
CONSENT CALENDAR
DATE: May 8, 2001
Barbara Boswell
SUBJECT: CITY OF SANTA CLARITA'S FISCAL YEAR 2001-02 STATEMENT OF
INVESTMENT POLICY
DEPARTMENT: Administrative Services
RECOMMENDED ACTION
Adopt the City of Santa Clarita's Fiscal Year 2001-02 Statement of Investment Policy.
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 first. 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. These changes include
specifically listing the City Manager, Assistant City Manager, and Treasurer by name and
citing some of the questions included on the Investment Pool questionnaire, Appendix "D."
Language was added in the "Authorized Investment" section, which states percentage, dollar
limit, and maximum maturities for each allowable investment vehicle, in addition to the
descriptions already listed. Finally, a one-page, easy -to -read appendix was added, which
summarizes all allowable investments, their percentage or dollar limit, and their maximum
maturity.
ED Agenda Item :_1
CITY OF SANTA CLARITA'S FISCAL YEAR 2001-02
STATEMENT OF INVESTMENT POLICY
May 8, 2001- Page 2
ALTERNATIVE ACTION
Other actions as determined by the City Council.
FISCAL IMPACT
None by this action.
ATTACHMENT
The City of Santa Clarita's Fiscal Year 2001-02 Statement of Investment Policy (Available in
City Clerk's reading file.)
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