RESOLUTION NO. __________
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA ACKNOWLEDGING RECEIPT OF COUNCIL
POLICY 220 -01, INVESTMENT POLICY AND GUIDELINES ,
AMENDING THE EXISTING POLICY , DELEGATING
INVESTMENT ACTIVITY AUTHORITY TO THE DIRECTOR
OF FINANCE/TREASURER , AND ACCEPTING THE
INVESTMENT REPORT FOR THE QUARTER ENDING
DECEMBER 31, 2023
WHEREAS, the City of Chula Vista’s “Investment Policy and Guidelines,” a mended on March 7, 2023 by Resolution No. 2023-024 (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 ensu ring 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 City’s Investment Policy; and
WHEREAS, staff recommends that the Policy be amended to update Section 9.0, Authorized and Suitable Investments, as it rel ates to the investment type Commercial Paper and Asset Backed Securities, to align with the California Government Code; and
WHEREAS, staff recommends that the Policy be amended to update Section 17.0, Reporting, to indicate that Director of Finance/Treasurer shall submit a quarterly investment report to the City Council and City Manager within 45 days following the end of each quarter, to align with the California Government Code; and
WHEREAS, staff recommends that the Policy be amended to update Glossary section to improve overall clarity of the Policy; and
WHEREAS, staff recommends that the Policy be amended to reflect these changes; and
WHEREAS, pursuant to California Government Code Section 53607, the City Council Resolution No. __________
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, 2023.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista that it:
Acknowledges receipt of Council Policy 220-01, Investment Policy and Guidelines; Amends the existing policy as set forth in Exhibit 1 to this resolution, attached hereto and incorporated herein;
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, 2023.
Presented by Approved as to form by
_______________________ By: ______________________
Sarah Schoen Jill D.S. Maland
Director of Finance/Treasurer Lounsbery Ferguson Altona & Peak Acting City Attorney