RESOLUTION NO. 2023-__________
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA ACKNOWLEDGING RECEIPT OF COUNCIL
POLICY 220-01, THE CITY OF CHULA VISTA INVESTMENT
POLICY AND GUIDELINES , DELEGATING INVESTMENT
ACTIVITY AUTHORITY TO THE DIRECTOR OF
FINANCE/TREASURER, AND ACCEPTING THE
INVESTMENT REPORT FOR THE QUARTER ENDING
DECEMBER 31, 2022
WHEREAS, the City of Chula Vista’s “Investment Policy and Guidelines,” a mended on March 1, 2022 by Resolution No. 20 22-052 (the Policy), is intended to provide direction for the prudent investment of temporarily idle cash and to maximize the efficiency of the cash management process; and
WHEREAS, the stated goal of the Policy is to enhance the economic condition of the City while ensuring the safety of funds invested; and
WHEREAS, the Policy includes a list of specific investment instruments available pursuant to California Government Code sections 53600, et seq. and 53635; and
WHEREAS, each investment transaction is made in the context of first ensuring the "safety" of principal, second, investing only for that timeframe that the cash is not needed for operational purposes ("liquidity"), and last seeking the highest return possible ("yield") provided that the first two factors are met; and
WHEREAS, in accordance with Section 18.0 of the Policy, staff has provided the City Council with a copy of the Policy and is not recommending any changes to the Policy at this time;
WHEREAS, as of the quarter ending December 31, 2022, the Weighted Average Maturity of the Managed Investment Portfolio was 2.06 years, which is a decrease from 2.07 years the prior quarter and is within the Council Policy;
WHEREAS, pursuant to California Government Code section 53607, the City Council may delegate the authority to conduct investment activities of the City to the Finance Director/Treasurer on an annual basis; and
WHEREAS, City staff has prepared, and provide the City Council with, a copy of the City’s Investment Report for the quarter ending December 31, 2022.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista that it:
Resolution No. __________
Acknowledges receipt of Council Policy 220-01, the City of Chula Vista Investment Policy and Guidelines;
Delegates the authority to conduct and supervise the investment activities of the City to the Director of Finance/Treasurer; and
Accepts the Investment Report for the quarter ending December 31, 2022.
Presented by Approved as to form
INTERIM ACTING CITY ATTORNEY
Lounsbery Ferguson Altona & Peak LLP
________________________________ By: _______________________________ Sarah Schoen Jill D.S. Maland
Director of Finance