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San Leandro Investment Policy Statement Page 2 of 15 <br />I. Policy Statement <br />The City of San Leandro (City) invests public funds not required to meet current City <br />obligations in compliance with the State of California (State) Government Code and this <br />policy. The City’s overall goal is to invest as close to 100% of these funds as possible to <br />provide the maximum return and security while meeting the City’s daily cash flow needs. <br />II.Policy Scope <br />This investment policy is applicable to all financial assets of the City of San Leandro; the <br />Successor Agency to the Redevelopment Agency of the City of San Le andro; the City of <br />San Leandro Parking Authority; the San Leandro Public Financing Authority; and the San <br />Leandro Economic Development Agency. These assets are accounted for in the City’s <br />Comprehensive Annual Financial Report in the following funds: <br /> General Fund <br /> Special Revenue Funds <br /> Capital Project Funds <br /> Debt Service Funds <br /> Enterprise Funds <br /> Internal Service Funds <br /> Agency Funds <br />This policy automatically applies to component units and funds subsequently established <br />by the City of San Leandro. <br />III.Delegation of Investment Authority/Prudence <br />California Government Code Sections 53600 and 53646 states that the ultimate <br />responsibility for the prudent investment of public funds rests with the governing body, or <br />City Council. Through City Council resolution No. 94 -143 the Council has delegated <br />investment authority to the Finance Director and his/her designee. The Finance Director <br />and his/her designee are trustees and fiduciaries that shall use the “prudent investor” <br />standard in managing the City’s portfolio. When investing, reinvesting, purchasing <br />acquiring, exchanging, selling, or managing public funds, the trustee shall act with care, <br />skill, prudence, and diligence under the circumstances then prevailing, including but not <br />limited to, the general economic conditions and the anticipated needs of the City, that a <br />prudent person acting in a like capacity and familiarity with those matters would use in <br />the conduct of funds of a like character and with like aims, to safeguard the principal and <br />maintain the liquidity needs of the City. Within the limitations of this section and <br />considering individual investments as part of an overall strategy, investments may be <br />acquired as authorized by law. <br />The City may engage the services of one or more external investment managers to assist <br />in the management of the City’s investment portfolio in a manner consistent with the City’s <br />objectives. Such managers must be registered under the Investment Advisers Act of <br />1940. <br />25