Finance Highlights 2012 0706 - Laserfiche WebLink

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Investment Policy June 1, 2012 1. Page 2, II. Policy Scope — The recommended change is to include the phrase "Successor Agency to the" Redevelopment Agency due to the dissolution of RDA. 2. Page 4, VII. Authorized Financial Dealers and Institutions — enhanced and clarified this section regarding authorization and selection of financial dealers and institutions. 3. Page 5 -6, VIII. Authorized and Suitable Investments — • added Certificate of Deposit Account Registry Service ( CDARS) • changed the word "agency" to "City" throughout this section • deleted the last sentence in the Money Market Mutual Funds section regarding commissions since these funds do not have commissions; eliminates confusion. 4. Page 8, "Performance Standards" added additional performance objective for the portfolio to earn a total rate of return over a market cycle which is approximately equal to the return on a Market Benchmark index of similar risk characteristics. 5. Page 8, "Reporting" corrected wording in the beginning of the second paragraph relating to California Government Code Section 53646 that "states that" the Finance Director "may render" a quarterly report. The previous version stated that this was a requirement. 6. Page 9, Appendix A • Added CDARs • Corrected minimum rating for Medium -Term Corporate Notes to coincide with page 6 policy requirement for Medium -Term Corporate Notes 7. Pages 11 -12, Appendix B • Added CDARs definition • Added Market Benchmark Index definition Previous City Council Action(s) The Investment Policy is reviewed annually and was last reviewed by the City Council on June 20, 2011 by Resolution No. 2011 -111. Attachments • City of San Leandro Investment Policy. CONCLUSION Staff recommends City Council's annual approval of the City of San Leandro Investment Policy for fiscal year 2012 -13.