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City of San Leandro <br />Meeting Date: July 20, 2020 <br />Staff Report <br />Agenda Section:File Number:20-225 CONSENT CALENDAR <br />Agenda Number:8.I. <br />TO:City Council <br />FROM:Jeff Kay <br />City Manager <br />BY:Liz Warmerdam <br />Assistant City Manager <br />FINANCE REVIEW:Not Applicable <br />TITLE:Staff Report for a City of San Leandro City Council Resolution Approving the City <br />of San Leandro’s Investment Policy Statement for 2020-2021 <br />SUMMARY AND RECOMMENDATION <br />Staff recommends that the City Council approve the City of San Leandro Investment Policy <br />Statement for 2020-2021. The policy statement is approved annually. <br />BACKGROUND AND UPDATE <br />California Government Code Section 53600 et seq. and Section VIII of the San Leandro <br />Investment Policy Statement requires the City Council to annually review and approve the City’s <br />Investment Policy Statement. The policy was last approved on June 17, 2019. <br />Sound investment practices are facilitated by the written governing policy. The City’s Investment <br />Policy Statement includes the primary objective of preserving the safety of principle, followed by <br />objectives of meeting liquidity needs and obtaining a fair rate of return. Return on investment is <br />the least important criteria compared to the safety and liquidity of the City’s assets. Additionally, <br />investments can be made bearing in mind the responsibility of city government to the community <br />and alternative investments which enhance the quality of life. <br />The City’s Investment Policy Statement provides specific guidelines for the City’s investment <br />functions and complies with the model policy approved by the Association of Public Treasurers of <br />the United States and Canada, and the California Government Code. The Investment Policy <br />Statement serves as a guide for setting and achieving investment objectives, defines rules and <br />established benchmarks, and prohibits and/or restricts certain investment instruments. <br />Compliance with the policy is an element of fiscal discipline considered by the auditors and <br />ratings agencies during their respective reviews. <br />Other Investment Policy Statement provisions significantly guiding the portfolio makeup include: <br />·Listing of investment instruments permitted in the portfolio; <br />Page 1 City of San Leandro Printed on 7/15/2020 <br />315