6 6
4 DATE: June 17, 2024
TO: Mayor and Members of the City Council
President and Members of the Estero Municipal Improvement District (EMID) Board of Directors
VIA: Stefan Chatwin, City/District Manager
FROM: Waqas Hassan, Assistant Finance Director
Diane Pitman, Administrative Services Director
DEPARTMENT: Finance, Administrative Services
SUBJECT: CITY/EMID INVESTMENT POLICY
RECOMMENDATION
It is recommended that the City Council/EMID Board of Directors approve the attached resolutions adopting the City/EMID Investment Policy, dated June 17, 2024.
EXECUTIVE SUMMARY
The Finance Director/Treasurer and Administrative Services Director review the City/EMID’s Investment Policy annually. There are no changes recommended to the Investment Policy at this time. However, the Policy is updated to reflect the current composition of the City Council/EMID Board of Directors.
BACKGROUND
The City/EMID's Investment Policy is reviewed annually by the Finance Director/Treasurer and Administrative Services Director. The Policy’s three primary objectives for its investments, in order of priority, remain unchanged: (a) Safety, (b) Liquidity, and (c) Yield.
There are no changes recommended to the contents of the Investment Policy at this
6 6
4 time other than an update of the current composition of the City Council/EMID Board of Directors.
California Environmental Quality Act
Not Applicable
FISCAL IMPACT
There is no fiscal impact with the adoption of the resolutions.
CITY COUNCIL VISION, MISSION, AND VALUE/PRIORITY AREA
Staff Empowerment and Operational Excellence
ATTACHMENTS:
Attachment 1 – City Resolution
Attachment 2 – EMID Resolution
Attachment 3 – City/EMID Investment Policy