8H Consent 2011 0620 - Laserfiche WebLink

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Investment Policy — June 20, 2011 1. Page 2, III. Delegation of Investment Authority/Prudence — The recommended changes are as follows: • Added the second paragraph that states "The City may engage the services of one or more external investment managers to assist in the management of the City's investment portfolio in a manner consistent with the City's objectives. Such managers must be registered under the Investment Advisers Act of 1940." 2. Page 3, IV. Investment Objectives — enhanced this section by reflecting a more concise and accurate list of objectives; this is consistent with previous years' Investment Policies' objectives of Safety, Liquidity and Return or Yield. 3. Page 3, V. Investment Criteria — clarified existing criteria in easy to understand terms; these changes are consistent with previous years' investment criteria. 4. Page 3, VI. Ethics and Conflicts of Interest — third sentence changed the word "large" to "any" as follows: • "Furthermore, they will disclose any personal financial /investment positions..." 5. Page 4, Section VIII. Authorized and Suitable Investments — Clarified investment portfolio instrument descriptions and definitions for all instruments except Money Market Mutual Funds, which was updated for fiscal year 2010 -11. 6. Page 6, Securities Issued by the City of San Leandro and its Agencies. — second paragraph should reference pages 9 and 10 not pages 8 and 9 7. Page 7, "Competitive Transactions" section is added for a more comprehensive investment policy. 8. Page 7, "Performance Standards" deleted the word "passive" in the second sentence that described our investment strategy and added the last paragraph of this section regarding the design of the investment portfolio. Previous City Council Action(s) The Investment Policy is reviewed annually and was last reviewed by the City Council on June 21, 2010 by Resolution No. 2010 -072. City Council Committee Review and Action Finance Committee reviewed and approved on June 3, 2011.