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Reso 2008-083
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Reso 2008-083
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Last modified
7/24/2008 9:45:47 AM
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7/24/2008 9:45:47 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Resolution
Document Date (6)
7/21/2008
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8E Consent 2008 0721
(Reference)
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\City Clerk\City Council\Agenda Packets\2008\Packet 2008 0721
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San Leandro Investment Policy Statement Page 8 of 13 <br />Performance Standards <br />The portfolio will be structured to obtain a rate of return that reflects the prevailing and historical <br />level of interest rates and the City's expected cash flow needs. The City employs a passive <br />investment strategy that focuses on safety and liquidity. Given this strategy, the bases used by the <br />Finance Director for benchmark purposes will be the yield on the following safe and liquid <br />investment vehicles: <br />• The State of California Local Agency Investment Fund (LATE) <br />• The two-year U.S. Treasury Bill <br />• The five-year U.S. Treasury Note <br />Reporting <br />This policy will be reviewed annually with the City Council to ensure compliance with the <br />objectives of safety, liquidity and yield and adherence with applicable laws. The City Council <br />Finance Committee will review and approve all changes to this policy statement prior to submittal <br />to the full City Council for approval. <br />California Government Code Section 53646 requires the Finance Director to submit a quarterly <br />report on the status of the City's investment portfolio to the City Manager and the City Council <br />within 30 days after the end of the calendar quarter. The report will provide detailed information <br />regarding the type of investments, the amount invested with various institutions, purchase and <br />maturity dates, and interest yield on all investments. The report shall state if the City's investments <br />are in compliance with this policy and if the City will be able to meet its cash obligations during the <br />next six-month period. The Finance Director, on occasion, will submit monthly reports on the <br />portfolio's status to the City Manager and City Council that are consistent with the requirements of <br />the State Code. <br />In accordance with AB943, the City will submit a copy of its investment report for the second <br />(October -December) and fourth (April -June) quarters of the fiscal year to the California Debt and <br />Investment Advisory Commission (CDIAC) within sixty (60) days of the end of each respective <br />quarter. <br />The City will submit a copy of this investment policy to CDIAC within sixty (60) days of the end of <br />every calendar year. The City will also submit an updated copy of this policy to CDIAC within <br />sixty (60) days of any City Council-approved amendment to it. <br />
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