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8E Consent 2008 0721
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8E Consent 2008 0721
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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
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Path:
\City Clerk\City Council\Resolutions\2008
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San Leandro Investment Policy Statement Page 2 of 13 <br />L Policy Statement <br />The City of San Leandro (City) invests public funds not required to meet current City obligations <br />in compliance with the State of California (State) Government Code and this policy. The City's <br />overall goal is to invest as close to 100% of these funds as possible to provide the maximum <br />return and security while meeting the City's daily cash flow needs. As a rule, the City invests in <br />securities having maturities no greater than five (5) years and holds its investment securities until <br />their scheduled maturity dates or until they are called prior to their scheduled maturity dates by <br />the issuing entity. <br />IL Policy Scope <br />This investment policy is applicable to all financial assets of the City of San Leandro; the <br />Community Redevelopment Agency of the City of San Leandro; the City of San Leandro Parking <br />Authority; the San Leandro Public Financing Authority; and the San Leandro Economic <br />Development Agency. These assets are accounted for in the City's Comprehensive Annual <br />Financial Report in the following funds: <br />• General Fund <br />• Special Revenue Funds <br />• Capital Project Funds <br />• Debt Service Funds <br />• Enterprise Funds <br />• Internal Service Funds <br />• Agency Funds <br />This policy automatically applies to component units and funds subsequently established by the <br />City of San Leandro. <br />III. Delegation of Investment Authority/Prudence <br />California Government Code Section 53646 states that the ultimate responsibility for the prudent <br />investment of public funds rests with the governing body, or City Council. Through City <br />Council resolution No. 94-143 the Council has delegated investment authority to the Finance <br />Director and the Assistant Finance Director. The Finance Director and the Assistant Finance <br />Director are trustees and fiduciaries that shall use the "prudent investor" standard in managing <br />the City's portfolio. When investing, reinvesting, purchasing acquiring, exchanging, selling, or <br />managing public funds, the trustee shall act with care, skill, prudence, and diligence under the <br />circumstances then prevailing, including but not limited to, the general economic conditions and <br />the anticipated needs of the City, that a prudent person acting in a like capacity and familiarity <br />with those matters would use in the conduct of funds of a like character and with like aims, to <br />safeguard the principal and maintain the liquidity needs of the City. Within the limitations of <br />this section and considering individual investments as part of an overall strategy, investments <br />maybe acquired as authorized bylaw. <br />
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