8E Consent 2010 0621 - Laserfiche WebLink

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CITY OF SAN LEANDRO STAFF REPORT DATE: June 21, 2010 TO: FROM: BY: Stephen L. Hollister, City Manager Perry Carter, Interim Finance Director ~. APPROVED AND FORWARDED TO CITY COUNCIL Stephen L. Hollister City Manager Mary Ann Perini, Budget and Compliance Manager SUBJECT/DESCRIPTION: RESOLUTION APPROVING THE CITY OF SAN LEANDRO'S INVESTMENT POLICY FOR FISCAL YEAR 2010-11 SUMMARY AND RECOMMENDATION Staff recommends City Council approval of the City of San Leandro Investment Policy for fiscal year 2010-11. The Policy is approved annually and there are proposed updates for the policy for 2010-11. 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 20, 2009. 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 U.S. & Canada. The investment policy serves as a guide for setting and achieving investment objectives, defines rules and established benchmarks, prohibits andlor 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. Staff has reviewed the current policy and has five recommended changes .for 2010-11. In addition, staff has reviewed state legislation to determine if there have been any updates or changes to state law that should be reflected in the City's policy and there are none. Should the legislature take such action in 2010-11, then staff will return to Council with the necessary recommended changes.