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Reso 2000-121
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Reso 2000-121
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9/15/2010 4:06:31 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Resolution
Document Date (6)
7/17/2000
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PERM
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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 (LAIF) <br /> • The one -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 /> Page 7 of 12 <br />
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