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CITY OF 5AN LEANDRO <br />STAFF REPORT <br />DATE: July 20, 2009 <br />TO: <br />FROM: <br />BY: <br />Stephen L. Hollister, City Manager <br />Perry Carter, Interim Finance Director <br />APPROVED AND <br />FORWARDED <br />TO CITY COUNCIL <br />~~--' ,~ <br />tephen L. Hollister <br />City Manager <br />Mary Ann Perini, Budget and Compliance Manager ~~i'O <br />SUBJECT/DESCRIPTION: <br />RESOLUTION APPROVING THE CITY OF SAN LEANDRO'S INVESTMENT POLICY <br />FOR FISCAL YEAR 2009-10 <br />SUMMARY AND RECOMMENDATION <br />Staff recommends City Council approval of the City of San Leandro Investment Policy for fiscal <br />year 2009-10. The Policy is approved annually and there are no changes for the policy for 2009- <br />10. <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 July 21, 2008. <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 US & Canada. The investment policy <br />serves as a guide for setting and achieving investment objectives, defines rules and established <br />benchmarks, prohibits and/or restricts investment instruments and reduces exposure to liability of <br />both staff and Council. Compliance with the policy is an element of fiscal discipline considered <br />by the auditors and rating agencies during their respective reviews. <br />Staff has reviewed the current policy and has no recommended changes for 2009-10. In <br />addition, staff has reviewed state legislation 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 are none. Should the <br />legislature take such action in 2009-10, then staff will return to Council with the necessary <br />recommended changes. <br />Previous City Council Action(s) <br />The Investment Policy is reviewed annually and was last reviewed by the City Council on July <br />21, 2008 by Resolution No. 2008-083. <br />