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CITY OF SAN LEANDRO <br />MEMORANDUM <br />DATE: June 1, 2012 <br />TO: Finance Committee <br />FROM: Chris Zapata, City Manager <br />BY: David Baum, Finance Director <br />Mary Ann Perini, Budget and Compliance Manager <br />SUBJECT: City of San Leandro's Investment Policy for 2012 -13 <br />SUMMARY AND RECOMMENDATION <br />Staff recommends that the Finance Committee review and approve the City of San <br />Leandro's Investment Policy for fiscal year 2012 -13. The policy is scheduled for the <br />June 18, 2012 City Council agenda. The Policy is approved annually, and includes <br />modifications from previous years. Staff proposes acceptance of the enhancements <br />and new language to the updated Investment Policy. <br />BACKGROUND <br />California Government Code Section 53600 et seq. and Section VIII of the San Leandro <br />Investment Policy requires the City Council to annually review and approve the City's <br />Investment Policy. This policy was last adopted on June 20, 2011. <br />The City of San Leandro Investment Policy (Investment Policy) provides specific <br />guidelines for the City's investment management functions and remains in compliance <br />with the model policy approved by the Association of Public Treasurers of the U.S. & <br />Canada. The investment policy serves as a guide for setting and achieving investment <br />objectives, defines rules and established benchmarks, prohibits and /or restricts <br />investment instruments and reduces exposure to liability of both staff and Council. <br />Compliance with the policy is an element of fiscal discipline considered by the auditors <br />and rating agencies during their respective reviews. <br />Staff has reviewed the current policy and has seven recommended changes for 2012- <br />13. In addition, current state legislation has been reviewed to determine if there have <br />been any updates or changes to state law that should be reflected in the City's policy <br />and there were none. Should the legislature take such action in 2012 -13, then staff will <br />return to Council with the necessary recommended changes. <br />