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8E Consent 2008 0721
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8E Consent 2008 0721
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Last modified
7/18/2008 1:33:43 PM
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7/18/2008 1:33:43 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
7/21/2008
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_CC Agenda 2008 0721
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Path:
\City Clerk\City Council\Agenda Packets\2008\Packet 2008 0721
Reso 2008-083
(Reference)
Path:
\City Clerk\City Council\Resolutions\2008
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CITY OF SAN LEANDRO <br />STAFF REPORT <br />DATE: July 21, 2008 <br />TO: <br />FROM: <br />BY <br />John Jermanis, City Manager <br />Perry Carter, Interim Finance Director~c. <br />APPROVED AND <br />FORWARDED <br />TO CITY COUNCIL <br />Jo . ~Jermanis <br />Ci ' anager <br />Mary Ann Perini, Budget and Compliance Manager <br />SUBJECT/DESCRIPTION: <br />RESOLUTION APPROVING THE CITY OF SAN LEANDRO'S INVESTMENT POLICY <br />FOR FISCAL YEAR 2008-09 <br />SUMMARY AND RECOMMENDATION <br />Staff recommends City Council approval of the City of San Leandro Investment Policy for fiscal <br />year 2008-09. The Policy is approved annually and includes one change regarding Section III <br />Delegation of Investment Authority/Prudence. <br />BACKGROUND <br />California Government Code Section 53600 et seq. and Section VIII of the San Leandro <br />Investment Policy requires the City Council to annually review and approve the City's <br />Investment Policy. This policy was last adopted on July 16, 2007. <br />The City of San Leandro Investment Policy (Investment Policy) provides specific guidelines for <br />the City's investment management functions and remains in compliance with the model policy <br />approved by the Association of Public Treasurers of the US & Canada. The investment policy <br />serves as a guide for setting and achieving investment objectives, defines rules and established <br />benchmarks, prohibits and/or restricts investment instruments and reduces exposure to liability of <br />both staff and Council. Compliance with the policy is an element of fiscal discipline considered <br />by the auditors and rating agencies during their respective reviews. <br />Page 2, Section III Delegation of Investment of Authority/Prudence -The "prudent person" <br />term to change to "prudent investor" and the related definition found in the California <br />Government Code 53600.3. <br />Previous City Council Action(s) <br />The Investment Policy is reviewed annually and was last reviewed by the City Council on July <br />16, 2007 by Resolution No. 2007-098. <br />City Council Committee Review and Action <br />NIA <br />
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