8H Consent 2011 0620 - Laserfiche WebLink

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CITY OF SAN LEANDRO STAFF REPORT DATE: June 20, 2011 APPROVED AND FORWARDED TO CITY COUNCIL tepHollister City Manager TO: Stephen L. Hollister, City Manager FROM Tracy Vesely, Finance Director BY: Mary Ann Perini, Budget and Compliance Manage SUBJECT/DESCRIPTION: RESOLUTION APPROVING THE CITY OF SAN LEANDRO'S INVESTMENT POLICY FOR FISCAL YEAR 2011 -12 SUMMARY AND RECOMMENDATION Staff recommends City Council approval of the City of San Leandro Investment Policy for fiscal year 2011 -12. The policy is approved annually and there are proposed updates for the policy for 2011 -12. BACKGROUND California Government Code Section 53600 et seq. and Section VIII of the San Leandro Investment Policy requires the City Council to annually review and approve the City's Investment Policy. This policy was last adopted on June 21, 2010. The City of San Leandro Investment Policy (Investment Policy) provides specific guidelines for the City's investment management functions and remains in compliance with the model policy approved by the Association of Public Treasurers of the U.S. and Canada. The Investment Policy serves as a guide for setting and achieving investment objectives, defines rules and established benchmarks, prohibits and /or restricts investment instruments and reduces exposure to liability of both staff and Council. Compliance with the policy is an element of fiscal discipline considered by the auditors and rating agencies during their respective reviews. Staff has reviewed the current policy and has eight recommended changes for 2011 -12. In addition, staff has reviewed state legislation to determine if there have been any updates or changes to state law that should be reflected in the City's policy and there are none. Should the legislature take such action in 2011 -12, then staff will return to Council with the necessary recommended changes.