TITLE:
title
RESOLUTION ADOPTING THE FY 2023-2024 STATEMENT OF INVESTMENT POLICY
end
DEPARTMENT: FINANCE DEPARTMENT
PRESENTED BY: CAROL MOLINA, FINANCE DIRECTOR
CONTACT INFORMATION: CAROL MOLINA, FINANCE DIRECTOR, (714) 754-5243
RECOMMENDATION:
recommendation
Staff recommends the City Council Adopt Resolution No. 2023-xx (Attachment 1) approving the Statement of Investment Policy for FY 2023-2024 (Attachment 2).
end
BACKGROUND:
Pursuant to California Government Code Section 53646(a)(2), the City Treasurer may annually render a statement of investment policy to the legislative body and any oversight committee, which the legislative body of the local agency shall consider at a public meeting. Any change in the policy shall also be considered by the legislative body of the local agency at a public meeting. City Council reviews and adopts the Invest Policy after City staff presents the policy and any recommended changes to the Finance and Pension Advisory Committee (FiPAC) for review.
The attached Investment Policy has been developed according to the specific needs of the City of Costa Mesa and complies with the California Government Code, guidelines from the California Municipal Treasurer's Association (CMTA), and the Association of Public Treasurers of the United States and Canada (APTUS&C), as well as recommendations by Chandler Asset Management (Chandler), the City's contracted investment manager.
ANALYSIS:
The City Treasurer, contracted investment manager, and staff annually review the Investment Policy, which follows requirements established by California Government Code, and recommend changes based on investment objectives, legislative changes, investment management practices, or the bond market and economy.
One of the City Treasurer's important statutory duties is set forth in California Government Code Section 41001, which states the "city treasurer shall receive and safely keep all money the treasurer receives." The basic premise underlying the...
Click here for full text