HomeMy WebLinkAbout2005-05-10 - AGENDA REPORTS - INVESTMENT POLICY FY 2005-06 (2)Agenda Item: ' (0
CITYOF SANTA CLARITA
AGENDA REPORT
CONSENT CALENDAR City Manager Approval:
Item to be presented by: Darren Hernandez
DATE: May 10, 2005
SUBJECT: CITY OF SANTA CLARITA'S FISCAL YEAR 2005-06
STATEMENT OF INVESTMENT POLICY
DEPARTMENT: Administrative Services
RECOMMENDED ACTION
City Council adopt the City of Santa Clarita's Fiscal Year 2005-06 Statement of Investtnent
Policy, and direct staff to submit the policy to the Association of Public Treasurers of the United
States & Canada (APT US&C) for certification in their award program.
BACKGROUND
Per California Government Code Section 53646, the City Treasurer may annually present the
City's Investment Policy to the City Council to reaffirm or make any changes to the existing
policy. The City's Investment Policy has been submitted to the APT US&C every year for the
past ten years and has received the Certificate of Excellence for each of these years.
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.
As part of the review process, the APT US&C may recommend changes that are then
incorporated into the next year's update. This past year, the City received no recommendations
for changes. The only changes that staff proposes to the 2005-06 Investment Policy are updates
to personnel assignments found in Section 5.0, Delegation of Authority, page 5-6.
ALTERNATIVE ACTIONS
Other actions as determined by the City Council.
FISCAL IMPACT
None by this action.
ATTACHMENTS
City of Santa Clarita Statement of Investment Policy for Fiscal Year 2005-06 available in the
City Clerk's Reading File