Camarillo City Council
AGENDA REPORT
Date: August 26, 2026
To: Honorable Mayor and City Councilmembers
From: Greg Ramirez, City Manager
Submitted by: Mark Uribe, Director of Finance
Subject: Annual Review of Investment Policy 3.04 for Fiscal Year 2026/27
BACKGROUND
Pursuant to the City’s Investment Policy, the Investment Committee is required to review the policy annually. Following its annual review, the Committee may recommend revisions to the City Council for consideration. This annual review helps ensure that the policy remains consistent with the City’s primary investment objectives of safeguarding principal, maintaining sufficient liquidity to meet cash flow needs, and achieving an appropriate rate of return.
DISCUSSION
The Investment Committee is required to review the Investment Policy prior to September 30 of each year. As part of this process, Finance staff works with Chandler Asset Management, the City’s investment advisory firm, to evaluate the policy and recommend any necessary updates.
Following its review, Chandler Asset Management recommended revising the maximum allowable maturity for Commercial Paper investments from 270 days to 397 days. This proposed amendment is intended to better align the City’s Investment Policy with the California Government Code and current practices within the institutional Commercial Paper market.
The change would provide local agencies with a broader investable universe, greater flexibility in managing liquidity, and the potential for modestly improved yields, without materially changing the credit profile of the investments being purchased. In addition, the revision would better align California statutes with current U.S. Securities and Exchange Commission (SEC) rules and prevailing institutional market practices.
Importantly, the amendment is not intended to loosen existing credit standards.
Commercial Paper investments would continue to be subject to the same high-quality
Annual Review of Investment Policy 3.04
August 26, 2026
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rating and issuer requirements currently outlined in the California Government Code. The Legislature viewed this change as a modernization of the maturity framework rather than an increase in portfolio risk.
The Investment Committee met on June 22, 2026 to review the Policy and recommendation.
FISCAL IMPACT
There is no budget impact as a result of this action.
CEQA DETERMINATIONS
City staff has determined, in accordance with Section 15061(b)(3) of the California Environmental Quality Act (CEQA) Guidelines, that the Investment Policy is not subject to CEQA review because it can be seen with certainty that there is no possibility that the Investment Policy may have a significant effect on the environment. Therefore, the annual review of the Investment Policy is exempt from CEQA.
RECOMMENDATION
Approve the amendment made to City Council Investment Policy 3.04 for Fiscal Year 2026/27.
ATTACHMENTS
1. Policy 3.04, Investment Policy with Proposed Revision REFERENCE MATERIALS – AVAILABLE FOR REVIEW AT CITY HALL None