8E Consent 2008 0721 - Laserfiche WebLink

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CITY OF SAN LEANDRO STAFF REPORT DATE: July 21, 2008 TO: FROM: BY John Jermanis, City Manager Perry Carter, Interim Finance Director~c. APPROVED AND FORWARDED TO CITY COUNCIL Jo . ~Jermanis Ci ' anager Mary Ann Perini, Budget and Compliance Manager SUBJECT/DESCRIPTION: RESOLUTION APPROVING THE CITY OF SAN LEANDRO'S INVESTMENT POLICY FOR FISCAL YEAR 2008-09 SUMMARY AND RECOMMENDATION Staff recommends City Council approval of the City of San Leandro Investment Policy for fiscal year 2008-09. The Policy is approved annually and includes one change regarding Section III Delegation of Investment Authority/Prudence. BACKGROUND California Government Code Section 53600 et seq. and Section VIII of the San Leandro Investment Policy requires the City Council to annually review and approve the City's Investment Policy. This policy was last adopted on July 16, 2007. The City of San Leandro Investment Policy (Investment Policy) provides specific guidelines for the City's investment management functions and remains in compliance with the model policy approved by the Association of Public Treasurers of the US & Canada. The investment policy serves as a guide for setting and achieving investment objectives, defines rules and established benchmarks, prohibits and/or restricts investment instruments and reduces exposure to liability of both staff and Council. Compliance with the policy is an element of fiscal discipline considered by the auditors and rating agencies during their respective reviews. Page 2, Section III Delegation of Investment of Authority/Prudence -The "prudent person" term to change to "prudent investor" and the related definition found in the California Government Code 53600.3. Previous City Council Action(s) The Investment Policy is reviewed annually and was last reviewed by the City Council on July 16, 2007 by Resolution No. 2007-098. City Council Committee Review and Action NIA