Form Rev 3/6/2023
RESOLUTION NO. 2025-__________
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, 2024
WHEREAS, the City of Chula Vista’s “Investment Policy and Guidelines,” amended on February 13, 2024 by Resolution No. 2024 -023 (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 the 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 with non-substantive changes, to improve overall clarity of the Policy to align with the California Government Code; 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 may delegate authority to conduct investment activities of the City to the Finance Director/Treasurer on an annual basis; and
WHEREAS, City staff has prepared, and provided the City Council with, a copy of the City’s Investment Report for the quarter ending December 31, 2024.
Resolution No. 2025-______
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 investme nt activities of the City to the Director of Finance/Treasurer; and
Accepts the Investment Report for the quarter ending December 31, 2024
Presented by Approved as to form by
Sarah Schoen Marco A. Verdugo
Director of Finance City Attorney