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City of San Leandro <br />Meeting Date: June 15, 2015 <br />Staff Report <br />Agenda Section:File Number:15-355 CONSENT CALENDAR <br />Agenda Number:8.J. <br />TO:City Council <br />FROM:Chris Zapata <br />City Manager <br />BY:David Baum <br />Finance Director <br />FINANCE REVIEW:David Baum <br />Finance Director <br />TITLE:Staff Report for Resolution Approving the City of San Leandro’s Investment <br />Policy for Fiscal Year 2015-16 <br />SUMMARY AND RECOMMENDATION <br />Staff recommends City Council approval of the City of San Leandro Investment Policy for <br />fiscal year 2015-16. The policy is approved annually and there is one proposed update for <br />the policy for 2015-16 . <br />BACKGROUND <br />California Government Code Section 53600 et seq. and Section VIII “Reporting” of the San <br />Leandro Investment Policy requires the City Council to annually review and approve the City’s <br />Investment Policy. This policy was last adopted on June 2, 2014 . <br />The City of San Leandro Investment Policy (Investment Policy) provides specific guidelines for <br />the City’s investment management functions and remains in compliance with the model policy <br />approved by the Association of Public Treasurers of the United States and Canada and <br />California Government Code Section 53601. The Investment Policy serves as a guide for <br />setting and achieving investment objectives, defines rules and established benchmarks, <br />prohibits and/or restricts investment instruments and reduces exposure to liability of both staff <br />and Council. Compliance with the policy is an element of fiscal discipline considered by the <br />auditors and rating agencies during their respective reviews. <br />Staff has reviewed the current policy and has one recommended change for 2015-16. In <br />addition, state legislation has been reviewed to determine if there have been any updates or <br />changes to state law that should be reflected in the City’s policy and there is one. As of <br />January 1, 2015 California Code was expanded to allow for investments in Supranational <br />Securities. This new asset class is consistent with the tenet of safety, liquidity, and yield, and <br />is a suitable investment for the City’s portfolio. <br />Page 1 City of San Leandro Printed on 6/9/2015