City of Gilroy
STAFF REPORT
Agenda Item Title: Recommendations for Updates/Improvements to the Gilroy Garlic Festival Memorial at Christmas Hill Park
Meeting Date: October 16, 2023
From: Jimmy Forbis, City Administrator
Department: Administration
Submitted By: Jimmy Forbis, City Administrator
Prepared By: Jimmy Forbis, City Administrator
STRATEGIC PLAN GOALS Maintain and Improve City Infrastructure
RECOMMENDATION
Discussion and direction regarding proposed updates/improvements to the Gilroy Garlic Festival Memorial at Christmas Hill Park.
BACKGROUND
In September 2019 a temporary memorial to the victims of the Gilroy Garlic Festival shooting was erected to honor the three deaths and 17 wounded on July 28, 2019. At the time, the memorial, designed by Gilroy landscape artist Karen Aitken, was originally intended to be a temporary memorial located on the ranch side of Christmas Hill Park.
A plan for a permanent memorial never developed; thus, on October 19, 2020, the City Council declared that the temporary memorial would be designated as the permanent memorial going forward. The memorial, in its current form, is comprised of a large palm tree and three flag-laden ropes going from the tree to a ranch-style fence. There is also landscaping and a plaque memorializing the three victims who lost their lives on that date - Stephen Romero, Keyla Salazar, and Trevor Irby.
On September 11, 2023, staff returned to the Council to provide a report and receive feedback on repairs and upgrades to the Gilroy Garlic Festival Memorial (GGFM).
Feedback from the Council at the meeting included for staff to prepare a concept based on the following:
Agenda Item No. 10.1 Packet Page 163 of 199
Recommendations for Updates/Improvements to the Gilroy Garlic Festival Memorial at Christmas Hill Park
City of Gilroy City Council Page 2 of 6 October 16, 2023 • Garden only.
• Plan for a raised monument.
• Remove the draped ropes.
• Evaluate options for removing the existing palm tree and installation of three replacement trees.
• Evaluate possible hardscape to help control the squirrels. • Look at the possibility of a bench being added.
Based on feedback from that meeting, staff is proposing to undertake work as described below.
ANALYSIS
Memorial
Presently, the GGFM features a memorial plaque placed at ground level, flat along the ground in front of the garden area. Staff is proposing that an additional memorial be placed, but with a vertical alignment that can be easily seen and apparent with a raised profile. To do so, staff is proposing a concrete monument to be created with a visible profile to those walking up towards the memorial.
The proposed monument would be 30” high, 30” wide, and 6-8" deep. The memorial would include a base at the bottom and be constructed on a concrete pad to be installed by the City, with a total depth of 6”-8" and being brought flush with ground level. The memorial will feature an inscription that is discussed below. The monument would be a solid block of concrete with the inscription carved into a finished face for the memorial, facing out from the GGFM towards the southeast. This memorial type is durable and is resistant to theft or relocation. The estimate for such a monument is approximately $2,000. An example of a concrete monument, though not the same dimensions or the proposed message design, is below.
Agenda Item No. 10.1 Packet Page 164 of 199
Recommendations for Updates/Improvements to the Gilroy Garlic Festival Memorial at Christmas Hill Park
City of Gilroy City Council Page 3 of 6 October 16, 2023 The design of the memorial is a simple proposed inscription, with center aligned text. A conceptual mock-up of the added memorial is below.
The foundation will be installed by City staff with City materials. The foundation is necessary to support the upright design and help resist against wind or other external force that may push against the face or back of the memorial.
Agenda Item No. 10.1 Packet Page 165 of 199
Recommendations for Updates/Improvements to the Gilroy Garlic Festival Memorial at Christmas Hill Park
City of Gilroy City Council Page 4 of 6 October 16, 2023 Trees
One of the issues of discussion has been the presence of a palm tree at the GGFM.
The concerns raised include: 1) the maintenance requirements of the tree, including the care and trimming of the tree to reduce the fronds that drop from the tree into the garden, and the difficulty of maintaining the tree overall; and 2) the palm tree is not a species that is indigenous to the area.
Despite these factors, staff does not currently recommend removing the palm tree due to the large root structure underneath, which, when removed, may damage the GGFM garden. Instead, staff will be working with the City’s tree maintenance contractor to address the fronds from the palm tree and maintain the tree and clearance of any fronds in a clean and well-ordered manner.
Additionally, staff is able to secure the donation of four oak trees that may be used around the GGFM. Staff is proposing the installation of these trees, which would be donated by Google, to the sides of the GGFM. The trees would be too large to install within the GGFM but would still provide shade in the afternoon to the memorial area when fully matured. This is a general park improvement and not necessarily tied to the GGFM update.
Ropes and posts
The existing GGFM includes a series of three ropes that are draped and bound around the palm tree and lead out to three posts at the corners of the memorial area. While part of the initial temporary design, the ropes represent an ongoing maintenance and replacement need. The ropes, being exposed to the weather of winter rains and summer heat, will continue to deteriorate, including any new ropes that are installed as replacements. Because of the longevity issues of using ropes draped over the GGFM, staff is proposing the removal of the ropes from the tree and removing the corner posts without replacement. If the plants currently in place are dependent upon the posts to survive, they will be removed as well.
Benches
Staff has looked into options for a bench, as well as a picnic table. Staff is not recommending to have any form of bench or table due to issues regarding trash accumulation, vandalism, and use of such seating as a sleeping area, something experienced in other parks and locations.
Hardscape for squirrels
Staff has researched hardscapes that can help deter squirrel activity in the garden.
Research has indicated that there are not many options aside from fencing areas (chicken wire, rabbit fencing, hardware cloth, etc.) and landscaping with rocks due to the adaptability of squirrels at overcoming hindrances and the need for the public and staff to access the gardens. Staff is not recommending these options, due to access issues, fundamental changes to the memorial garden, and the increase in cost needed to make these changes. Staff will continue researching non-hardscape options, which Agenda Item No. 10.1 Packet Page 166 of 199
Recommendations for Updates/Improvements to the Gilroy Garlic Festival Memorial at Christmas Hill Park
City of Gilroy City Council Page 5 of 6 October 16, 2023 might help deter squirrels and other rodents that may attempt to enter the memorial garden.
Conceptual drawing
Below is a rough, conceptual drawing of staff’s proposed layout. The image shows the site of the new vertical monument at the front of the memorial garden and the addition of the four trees. No changes are proposed to the garden itself.
ALTERNATIVES
The City Council may issue any direction regarding the recommendations proposed for the work to be done at the GGFM. No specific alternative is currently available for analysis.
FISCAL IMPACT/FUNDING SOURCE
The proposed improvements are estimated to cost $2,000, depending upon final quote prices and shipping charges. The trees are coming from donations and do not contribute to the cost. These funds would come from the City’s General Fund in the Agenda Item No. 10.1 Packet Page 167 of 199
Recommendations for Updates/Improvements to the Gilroy Garlic Festival Memorial at Christmas Hill Park
City of Gilroy City Council Page 6 of 6 October 16, 2023 Parks and Landscaping Division budget. No budget amendment is requested, as the costs can be absorbed within existing appropriations.
PUBLIC OUTREACH
This item has been discussed previously at the September 11, 2023 City Council Regular Meeting. The item was also included in the publicly posted agenda. Once any direction is received regarding the proposed improvements, staff will engage the public through our Communications and Engagement Office, specifically through social media and the weekly e-newsletter.
NEXT STEPS
Once any final direction is received, staff will commence with the improvements.
Agenda Item No. 10.1 Packet Page 168 of 199
11.1.Authorize the City Administrator to Enter into a Three-Year Service Agreement with the County of Santa Clara for Animal Sheltering Services for the Period of July 1, 2023, through June 30, 2026
1. Staff Report:
2. Public Comment
3. Possible Action:
Authorize the City Administrator to sign a three-year service agreement with the County of Santa Clara for Animal Sheltering Services from July 1, 2023, through June 30, 2026.
Agenda Item No. 11.1 Packet Page 169 of 199
City of Gilroy
STAFF REPORT
Agenda Item Title: Authorize the City Administrator to Enter into a Three-Year Service Agreement with the County of
Santa Clara for Animal Sheltering Services for the
Period of July 1, 2023, through June 30, 2026
Meeting Date: October 16, 2023
From: Jimmy Forbis, City Administrator
Department: Police
Submitted By: Pedro Espinoza, Police Chief
Prepared By: Patricia Vigil, Management Analyst
STRATEGIC PLAN GOALS Ensure Neighborhood Equity from City Services
RECOMMENDATION
Authorize the City Administrator to sign a three-year service agreement with the County of Santa Clara for Animal Sheltering Services from July 1, 2023, through June 30, 2026.
EXECUTIVE SUMMARY
The County of Santa Clara (County) provides animal sheltering services to the City of Gilroy (City). The County provides sheltering services for abandoned, impounded, lost, or stray domestic animals, monitoring of quarantined animals, euthanasia of animals deemed unfit for adoption, and low-cost spay/neuter services to residents of the unincorporated areas of Santa Clara County.
BACKGROUND
In late May, Santa Clara County (SCC) advised the Gilroy Police Department (GPD) of their intent to provide an updated Animal Sheltering Services Agreement, which was ultimately provided to the City on June 15, 2023. The City desires to secure animal sheltering services for domestic animals found within Gilroy's incorporated area for the three fiscal years 2023, 2024, and 2025. The County has the necessary skills to provide sheltering services and veterinary care for such animals during normally staffed hours, Agenda Item No. 11.1 Packet Page 170 of 199
Authorize the City Administrator to Enter into a Three-Year Service Agreement with the County of Santa Clara for Animal Sheltering Services for the Period of July 1, 2023, through June 30, 2026 City of Gilroy City Council Page 2 of 3 October 16, 2023 Monday-Friday, 8:00 a.m. to 6:00 p.m., and Saturday and Sunday, 8:00 a.m. to 5:00 p.m. No services are provided on County holidays; however, kennels are available to GPD staff to secure animals based on the availability of kennels. Other veterinary offices provide veterinarian services outside of the normal animal shelter staffed hours at the City’s expense.
The Police Department has four Community Services Officers (CSO) positions authorized. One of those CSO job functions is to serve as the Animal Control Officer (ACO). The ACO's responsibilities are to respond to calls for service regarding barking dogs, loose/off-leash dogs, dog fights, investigations of animal neglect/cruelty by owners, dog bites, educating the community of the Gilroy Municipal Code (GMC) regarding animals, and the issuance of citations for failure to follow the GMC. Other CSO staff, Detention Service Officers, and Police Officers are cross-trained in ACO duties if the primary ACO is not scheduled to work, is out ill, or is on vacation or training.
This service model allows for an expeditious and enhanced level of customer service to the community and increases customer satisfaction.
ANALYSIS
During FY23, the County of Santa Clara Animal Services took in 4,307 animals. Of those, 919 were intakes from Gilroy, or 21% of the total intake of domestic animals. As such, the County has trued up its costs to account for the City’s intake of animals.
As part of the Animal Sheltering Services Agreement, the County shall provide the following services:
• Sheltering of abandoned, impounded, lost, or stray domestic animals found in the incorporated areas of Gilroy.
• Quarantine of impounded biting domestic animals,
• Provision for reclaiming abandoned, lost, or stray domestic animals during business hours,
• Euthanasia and disposal of abandoned, lost, impounded, or stray domestic animals that are unclaimed by their owners and deemed unfit for adoption, rescue, or return-to-field,
• Return-to-field of feral and community cats after sterilization and vaccination, • Acceptance of owner-relinquished and confiscated animals on approval of the County after considering shelter population, space availability, and cost.
As part of veterinary services, the County shall provide the following:
• Veterinarian services during established business hours to treat and provide veterinarian care to stray, injured, or sick domestic animals, • Monitoring of quarantined animals, and
• Low-cost spay/neuter services provided to residents of the unincorporated areas of Santa Clara County.
Agenda Item No. 11.1 Packet Page 171 of 199
Authorize the City Administrator to Enter into a Three-Year Service Agreement with the County of Santa Clara for Animal Sheltering Services for the Period of July 1, 2023, through June 30, 2026 City of Gilroy City Council Page 3 of 3 October 16, 2023
ALTERNATIVES
Council may reject approval to authorize the City Administrator to enter into a three-year service agreement with the County of Santa Clara for animal sheltering services. Staff does not recommend this option as it would mean alternative service providers would have to be identified.
FISCAL IMPACT/FUNDING SOURCE
During the FY24 and FY25 budget process, approved funding was allocated for animal sheltering services based on the FY21-23 Santa Clara County Animal Sheltering Agreement compensation schedule. In late May, SCC advised GPD of their intent to provide an updated Animal Sheltering Services Agreement. On June 15, 2023, SCC provided GPD with a FY24-26 Animal Sheltering Services Agreement, which includes a substantial increase due to the truing up of costs. For FY24, the compensation amount is $150,000, an increase of $79,085 from FY23. The FY25 compensation amount is $157,500, and FY26 is $165,375.
GPD will use approved FY24 ($70,015) and FY25 ($73,043) budget allocations in the Police Services Special Revenue Fund (Fund 240) and the anticipated salary savings within the GPD operations (3010) in the General Fund (100) to pay for the increase in the compensation schedule for FY24 ($79,985) and FY25 ($84,457). The FY26 recommended budget allocation of $165,375 will be part of the FY26 and FY27 budget process.
Attachments:
1. Animal Sheltering Services Agreement - Gilroy FY24-26 Agenda Item No. 11.1 Packet Page 172 of 199
Agreement for Animal Page 1 of 7
Sheltering Services with
City of Gilroy
AGREEMENT BETWEEN THE
COUNTY OF SANTA CLARA AND THE CITY OF GILROY
FOR ANIMAL SHELTERING SERVICES
The County of Santa Clara (“COUNTY”), and the City of Gilroy, a municipal corporation (“CITY”) (together, “PARTIES”) enter into this Animal Sheltering Services Agreement (“Agreement”) as of _____________, 2023.
RECITALS
WHEREAS, CITY desires to secure animal shelter services for domestic animals found within the incorporated area of Gilroy, and
WHEREAS, COUNTY has the necessary expertise and skill to perform those services and COUNTY’s proposal can best meet CITY’s needs;
NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:
1. AGREEMENT DOCUMENTS
The documents forming the entire Agreement between CITY and COUNTY shall consist of:
This Agreement;
Exhibit A – Scope of Services; and
Exhibit B – Compensation
If any discrepancies or inconsistencies between the provisions of this Agreement and any of the above-referenced Exhibits arise, the provisions of this Agreement prevail.
This Agreement and the Exhibits set forth above contain all of the agreements, representations, and understandings of the PARTIES hereto, and supersede and replace any previous understanding, commitments, or agreements, whether oral or written.
2. SCOPE OF SERVICES
COUNTY shall perform those services specified in detail in the attached Exhibit A, entitled “Scope of Services.”
3. TERM OF AGREEMENT
This Agreement is effective from July 1, 2023 to June 30, 2026, unless otherwise terminated under Section 5 (TERMINATION) below.
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Agreement for Animal Page 2 of 7
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City of Gilroy
4. COMPENSATION
CITY shall pay COUNTY for the costs of animal sheltering services under this Agreement. The terms, rate, and schedule of payment are set forth in the attached Exhibit B, entitled "Compensation".
5. TERMINATION
5.1 Termination Without Cause
Either PARTY may terminate this Agreement, without cause, by giving not less than thirty (30) days written notice.
5.2 Termination for Material Breach
Either PARTY may terminate the Agreement in the event of breach of material obligations under this Agreement immediately upon written notice.
5.3 Termination Authority
The Chief of Police of the CITY is empowered to terminate this Agreement on behalf of CITY.
The County Director of Procurement, or their authorized designee, may terminate this Agreement on behalf of the County.
5.4 Consequences of Termination
In the event of termination, COUNTY shall make reasonable and good faith efforts to deliver to CITY records for animals sheltered by COUNTY under this Agreement in a timely manner. COUNTY shall refund the CITY a prorated amount of funds based on the time remaining in the fiscal year.
6. INDEMNIFICATION
City shall indemnify, defend, and hold harmless the COUNTY, its officers, agents and employees from any claim, liability, loss, injury or damage arising out of, or in connection with this Agreement by CITY and/or its agents, employees or subcontractors, excepting only loss, injury or damage caused by the sole negligence or willful misconduct of personnel employed by the COUNTY. It is the intent of the PARTIES to this Agreement to provide the broadest possible coverage for the COUNTY. CITY shall reimburse the COUNTY for all costs, attorneys’ fees, expenses and liabilities incurred with respect to any litigation in which the CITY contests its obligation to indemnify, defend and/or hold harmless the COUNTY under this Agreement and does not prevail in that contest.
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Agreement for Animal Page 3 of 7
Sheltering Services with
City of Gilroy
7. WAIVER
PARTIES agree that waiver of any breach or violation of any provision of this Agreement shall not be deemed to be a waiver of any other provision or a waiver of any subsequent breach or violation of the same or any other provision.
8. INDEPENDENT CONTRACTOR
COUNTY, in the performance of this Agreement, is an independent contractor.
COUNTY shall maintain complete control over all of COUNTY's employees, any subcontracting subcontractors, and COUNTY's operations. Neither COUNTY nor any person retained by COUNTY may represent, act, or purport to act as the agent, representative or employee of CITY. Neither COUNTY nor CITY is granted any right or authority to assume or create any obligation on behalf of the other.
9. COMPLIANCE WITH LAWS
PARTIES shall comply with all applicable laws, ordinances, codes and regulations (collectively, "laws") of the federal, state and local governments, including without limitation, any and all laws specified elsewhere in this Agreement.
10. CONFLICT OF INTEREST
PARTIES shall avoid all conflict of interest or the appearance of conflict of interest in performance of this Agreement.
11. NONDISCRIMINATION
PARTIES agree that it shall not discriminate against, or segregate, any person, on account of race, sex, color, age, religion, sexual orientation, actual or perceived gender identity, disability, ethnicity, national origin, marital status, or family status, in connection with or related to the performance of this Agreement.
12. CALIFORNIA PUBLIC RECORDS ACT
The COUNTY is a public agency subject to the disclosure requirements of the California Public Records Act (“CPRA”). If CITY’s proprietary information is contained in documents or information submitted to COUNTY, and CITY claims that such information falls within one or more CPRA exemptions, CITY must clearly mark such information “CONFIDENTIAL AND PROPRIETARY,” and identify the specific lines containing the information. In the event of a request for such information, the COUNTY will make best efforts to provide notice to CITY prior to such disclosure. If CITY contends that any documents are exempt from the CPRA and wishes to prevent disclosure, it is required to obtain a protective order, injunctive relief or other appropriate remedy from a court of law in Santa Clara COUNTY before the COUNTY is required to respond to the CPRA Agenda Item No. 11.1 Packet Page 175 of 199
Agreement for Animal Page 4 of 7
Sheltering Services with
City of Gilroy
request. If CITY fails to obtain such remedy within the time the COUNTY is required to respond to the CPRA request, COUNTY may disclose the requested information.
CITY further agrees that it shall defend, indemnify and hold COUNTY harmless against any claim, action or litigation (including but not limited to all judgments, costs, fees, and attorney’s fees) that may result from denial by COUNTY of a CPRA request for information arising from any representation, or any action (or inaction), by the CITY.
13. COUNTY'S RECORDS
13.1 Maintenance during Term
COUNTY shall maintain records, including any ledgers, books of account, invoices, vouchers, canceled checks, and other documents evidencing or relating to charges for services, or expenditures and disbursements charged to CITY for a minimum period of three (3) years, or for any longer period required by law, from the date of final payment to COUNTY pursuant to this Agreement.
13.2 Maintenance after Term
COUNTY shall maintain all documents which demonstrate performance under this Agreement for a minimum period of three (3) years, or for any longer period required by law, from the date of termination or completion of this Agreement.
14. ASSIGNABILITY
The PARTIES agree that COUNTY’s expertise and experience are material considerations for this Agreement. COUNTY may not assign the performance of any obligation or interest under this Agreement, except as authorized under Section 16 on “Subcontractors” below.
15. SUBCONTRACTORS
15.1 Authorized Subcontractors
Notwithstanding Section 15 (ASSIGNABILITY) above, COUNTY may use subcontractors in performing COUNTY’s services. COUNTY shall be responsible for directing the work of the approved subcontractors and for any compensation due to subcontractors.
16. GOVERNING LAW
This Agreement must be construed, and its performance enforced under California law.
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17. VENUE
In the event that either PARTY brings suit, the PARTIES agree that venue is vested in Santa Clara County Superior Court or United States District Court, Northern District of California, San José, California.
18. NOTICE
All notices and other communications required or permitted to be given under this Agreement must be in writing and must be personally served, or mailed, postage prepaid via U.S. mail, or sent via courier service, addressed to the respective parties as follows:
CITY: City Administrator
City of Gilroy
7301 Hanna Street
Gilroy, CA 95020
408/846-0300
COUNTY: Program Manager
County of Santa Clara Animal Services
12425 Monterey Road
San Martin, CA 95046
Notice will be effective on the date personally delivered or if sent by courier service, on the date of receipt. If mailed, notice will be effective three (3) days after deposit in the mail. The PARTIES may change their respective addresses in accordance with the provisions of this Section.
19. MISCELLANEOUS
21.1 Survival of Provisions
If any part of this Agreement is for any reason found to be unenforceable, all other parts nevertheless shall remain enforceable.
21.2 Assignment
Subject to the provisions of Section 15 (ASSIGNABILITY), this Agreement binds and inures to the benefit of the PARTIES and their respective successors and assigns.
21.3 Headings
The headings of the sections of this Agreement are inserted for convenience only. They do not constitute part of this Agreement and are not to be used in its construction. //
//
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Agreement for Animal Page 6 of 7
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20. CONTRACT EXECUTION
Unless otherwise prohibited by law or COUNTY policy, the parties agree that an electronic copy of a signed contract, or an electronically signed contract has the same force and legal effect as a contract executed with an original ink signature. The term “electronic copy of a signed contract” refers to a transmission by facsimile, electronic mail, or other electronic means of a copy of an original signed contract in a portable document format. The term “electronically signed contract” means a contract that is executed by applying an electronic signature using technology approved by the COUNTY.
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Agreement for Animal Page 7 of 7
Sheltering Services with
City of Gilroy
WITNESS THE EXECUTION HEREOF on the day and year first written above.
CITY OF GILROY
APPROVED AS TO FORM:
By: _________________________
ANDREW L. FABER, ESQ.
Berliner Cohen, LLP
Date: _________________________
CITY OF GILROY, a municipal
corporation
By: _________________________
JIMMY FORBIS
City Administrator, City of Gilroy
Date: _________________________
COUNTY OF SANTA CLARA
APPROVED:
By: _________________________
MATTHEW HADA
Chief Procurement Officer
Date: _________________________
APPROVED AS TO FORM AND LEGALITY:
By: _________________________
WILLIE NGUYEN
Deputy County Counsel
Date: _________________________
Agenda Item No. 11.1 Packet Page 179 of 199
EXHIBIT A
SCOPE OF SERVICES
COUNTY shall provide:
1. Sheltering of abandoned, impounded, lost or stray domestic animals found in the incorporated area of CITY;
2. Quarantine of impounded biting domestic animals;
3. Provision for reclaim of abandoned, lost or stray domestic animals during established business hours;
4. Euthanization and disposal of abandoned, lost, impounded, or stray domestic animals that are unclaimed by their owners and are deemed unfit for adoption, rescue or return-to-field;
5. Return-to-field of feral and community cats after sterilization and vaccination; and
6. Acceptance of owner-relinquished animals and confiscated animals on approval of the COUNTY Animal Services Program Manager after consideration of shelter population, space availability, and costs.
As part of the Shelter Services, COUNTY shall provide the following veterinary services:
1. Veterinarian services during established business hours to treat and provide veterinarian care to stray, injured, or sick dogs, cats, and other impounded domestic animals;
2. Monitoring of quarantined animals; and
3. Low-cost spay/neuter services as provided to residents of the unincorporated areas of Santa Clara County.
COUNTY shall provide sheltering and veterinary care of domestic animals during normally staffed hours, which are Monday thru Friday from 8:00 am thru 6:00 pm and Saturday and Sunday from 8:00 am thru 5:00 pm. Services will not be available on COUNTY holidays, however, CITY will have access to “night drop” kennels based on availability. Only dogs that appear to be free of injury may be left in the “night drop” kennels by authorized CITY staff. Dogs that are not bright, alert and active, have open wounds, broken limbs or have been hit by a car must be taken to an emergency veterinarian at the CITY’S expense, but may be transported to the shelter by the CITY during operational hours for continued care.
Agenda Item No. 11.1 Packet Page 180 of 199
Animals taken into custody by CITY that are to be impounded by COUNTY are to be transported promptly and humanely, and shall be made available for owner redemption as required by law. Animals requiring a quarantine hold will be made available following the quarantine period. Whenever an animal is impounded with identification, COUNTY will make reasonable attempt to notify owners of the animal’s impoundment. Under any other circumstance which CITY requests that an animal not be made available for reclaim, adoption, rescue or return-to-field, such request must be approved by the Animal Services Program Manager prior to impoundment. COUNTY will require an address (in the case of cats) or a street and cross street (in the case of all other animals) where each animal was found from both CITY and its residents, prior to accepting an animal for impound.
COUNTY may collect fees from the public in connection with a portion of Animal Sheltering Services provided under this agreement and as consistent with the County Ordinance, including but not limited to impound, boarding and quarantine fees. These fees shall be at the rates established by COUNTY.
Agenda Item No. 11.1 Packet Page 181 of 199
EXHIBIT B
COMPENSATION
Invoicing and Payment
1. Payment to COUNTY
For Animal Sheltering Services provided by COUNTY to the CITY Under this Agreement, CITY shall pay COUNTY for the costs of animal shelter and other services for the period of July 1, 2023 through June 30, 2026 at the following rate:
July 1, 2023 – June 30, 2024 $150,000 Due August 11, 2023 July 1, 2024 - June 30, 2025 157,500 Due July 11, 2024
July 1, 2025 - June 30, 2026 165,375 Due July 11, 2025
Agenda Item No. 11.1 Packet Page 182 of 199
CAUTION: This email originated from an External Source. Please use proper judgment and caution when opening attachments, clicking links, or responding to this email.
From:
To: All Council Members
Subject: EXTERNAL - Renewal of the Animal Services Agreement Date: Thursday, October 12, 2023 9:14:18 AM
Please approve the renewal of this agreement
Rhinda Bal
Agenda Item No. 11.1 Packet Page 183 of 199
11.2.Annual Review and Adoption of the City's Investment Policy
1. Staff Report:
2. Public Comment
3. Possible Action:
Adopt a resolution establishing the City’s updated Investment Policy.
Agenda Item No. 11.2 Packet Page 184 of 199
City of Gilroy
STAFF REPORT
Agenda Item Title: Annual Review and Adoption of the City's Investment Policy
Meeting Date: October 16, 2023
From: Jimmy Forbis, City Administrator
Department: Finance
Submitted By: Harjot Sangha, Finance Director
Prepared By: Harjot Sangha, Finance Director
STRATEGIC PLAN GOALS Develop a Financially Resilient Organization
RECOMMENDATION
Adopt a resolution establishing the City’s updated Investment Policy.
BACKGROUND
Per California Code Section 53646(a) and the City’s Investment Policy, the City Administrator shall annually render to the City Council a statement of investment policy, which shall be considered by the Council at a public meeting to ensure its consistency with respect to the overall objectives of safety, liquidity, and yield. The City Council last reviewed the policy in November 2022.
Per the City’s Investment Policy, temporarily idle or surplus funds of the City shall be invested in accordance with principles of sound treasury management. The three basic objectives of Gilroy's Investment Program are, in order of priority, (1) safety of invested funds, (2) maintenance of sufficient liquidity to meet cash flow needs of the City; and (3) attainment of the maximum yield possible consistent with the first two objectives.
ANALYSIS
The City’s idle cash is primarily invested in the Local Agency Investment Fund (LAIF) which is a program offered to local agencies to participate in a major portfolio managed by the California State Controller with 2,359 participants and $22.4 billion in assets at Agenda Item No. 11.2 Packet Page 185 of 199
Annual Review and Adoption of the City's Investment Policy City of Gilroy City Council Page 2 of 2 October 16, 2023 the end of August 2023. All securities purchased by the pool follow Government Code Section 16430 and 14680.4. One of the advantages of investing in LAIF is that it provides great “daily liquidity”, meaning on any given day the City can withdraw large sums of money the same day or within a day’s notice, while earning interest. A portion, approximately 33% or $61.5 million, of the City’s portfolio is invested in US Treasury securities which has allowed the City’s idle funds to earn additional interest as rates, or yields, have increased over the last year.
With this annual review of the investment policy, staff recommends adding California Cooperative Liquid Assets Securities System (CLASS) to the eligible securities list, limited to 15% of the total portfolio. As previously mentioned, most of the City’s cash is invested in LAIF. One of the limitations of LAIF is that it carries a maximum deposit limit of $75.0 million. The City reached that limit on the two accounts it maintains with LAIF in the last year. One of the two accounts currently remains at the limit, while the second is at $45.0 million, excluding the $61.5 million in US Treasury securities held in the City investment account with the US Bank.
California CLASS is a pooled investment option that was created in 2022 via a joint exercise of powers agreement by and among California public agencies. Participation in California CLASS is open to all public agencies in the state of California that have the authority to invest their treasury funds. California CLASS is an alternative to LAIF.
Similar to LAIF, California CLASS provides California public agencies with a convenient method for investing in high-quality, short to medium-term securities selected to optimize interest earnings while maximizing safety and liquidity. CLASS’s Prime fund offers similar daily liquidity, and the performance is also better than LAIF. For example, for Fiscal Year 2023 LAIF’s reported average annual yield was 2.17% vs. CalCLASS’ Prime which reported 3.96% for the year. Expanding the list of eligible securities would allow the City an additional option to increase the City portfolio’s short-term returns while maintaining the City’s investment objectives of safety, liquidity, and yield.
ALTERNATIVES
The City Council could approve or reject the proposed change to the policy. The Council could also direct staff to amend any of the other sections of the policy. The current policy, with the proposed updates, provides adequate guidance for the City’s investment program.
FISCAL IMPACT/FUNDING SOURCE
There is no fiscal impact to adopting the City’s General Investment Policy. Review and update of the investment policy is an activity that is included in the Finance Department’s annual and ongoing workplan.
Attachments:
1. Draft Resolution
2. Exhibit A – Investment Policy - Redline
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RESOLUTION NO. 2023-XX
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GILROY ADOPTING THE CITY’S INVESTMENT POLICY
WHEREAS, the City has a responsibility to ensure it handles public funds appropriately and
WHEREAS, Section 53646 of the Government Code allows local agencies to annually approve a Statement of Investment Policy, which has been prepared by the chief fiscal officer of such local agency; and
WHEREAS, the Investment Policy describes the investments the City can utilize in compliance with California Government Code Section 53646, and good practice dictates that local agencies prepare a written investment policy and WHEREAS, the City Council formally adopts the investment policy via a resolution that promotes sound financial management practices designed to meet the City Council’s goals and objectives; and
WHEREAS, the City Council has been presented with a statement of Investment Policy annually which is designed to conform with the requirements of the Investment Act and
WHEREAS, the primary objective of the Investment Policy is to establish a conservative set of investment criteria that will prudently protect the City’s assets, provide liquidity to meet the City’s cash needs and enable the City to generate a market rate of return from its investment activities; and
WHEREAS, the City Council has reviewed the Investment Policy and delegates investment authority to the City Treasurer pursuant to California Government Code Section 53607.
NOW, THEREFORE, the City Council of the City of Gilroy hereby adopts the amended Investment Policy attached hereto as Exhibit A, a copy of which is on file at the City offices and is available for inspection by the public.
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Resolution No. 2023-XX
City’s Investment Policy Adoption
City Council Regular Meting | October 16, 2023
PASSED, APPROVED, AND ADOPTED by the City Council of the City of Gilroy at its meeting held on this 16th day of October 2023 by the following vote:
AYES: COUNCIL MEMBERS:
NOES: COUNCIL MEMBERS:
ABSTAIN: COUNCIL MEMBERS:
ABSENT: COUNCIL MEMBERS:
APPROVED:
Marie Blankley, Mayor
ATTEST:
_______________________
Thai Nam Pham, City Clerk
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INVESTMENT POLICY
FOR
CITY OF GILROY
Revised: November 2022October 2023
I. STATEMENT OF OBJECTIVES
The purpose of this Investment Policy (“Policy”) is to identify elements that will foster a prudent and systematic investment program that meet the City of Gilroy’s objectives through a diversified investment portfolio. This policy also serves to organize and formalize the City’s investment related activities, while complying with all applicable statutes governing the investment of public funds.
Temporarily idle or surplus funds of the City of Gilroy shall be invested in accordance with principles of sound treasury management and in accordance with the provisions of California Government Code Sections 53600, et seq., the Municipal Code, guidelines established by the California Municipal Treasurer's Association and the California Society of Municipal Finance Officers, and this Investment Policy.
A. Overall Risk Profile
The three basic objectives of Gilroy's Investment Program are, in order of priority:
1. Safety of invested funds;
2. Maintenance of sufficient liquidity to meet cash flow needs of the City; and
3. Attainment of the maximum yield possible consistent with the first two objectives.
The achievement of these objectives shall be accomplished in the manner described below:
1. Safety of Invested Funds
The City shall ensure the safety of its invested idle funds by limiting credit and interest rate risks. Credit risk is the risk of loss due to the failure of the security issuer or backer. Interest rate risk is the risk that the market value portfolio securities will fall due to an increase in general interest rates. a. Credit risk will be mitigated by:
i. Limiting investments to the safest types of securities as outlined in this policy;
ii. By prequalifying the financial institutions with which it will do business; and iii. By diversifying the investment portfolio so that the failure of any one issuer or backer will not place an undue financial burden on the City. b. Interest rate risk will be mitigated by:
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i. Maintaining adequate sums in 30 day or less funds.
ii. Structuring the City's portfolio so that securities mature to meet the City's cash requirements for ongoing operations, thereby avoiding the need to sell securities on the open market prior to their maturation to meet those specific needs; and
iii. Investing primarily in shorter term securities (five years or less). c. The physical security or safekeeping of the City's investments is also an important element of safety. Detailed safekeeping requirements are defined in Section III of this Policy.
2. Liquidity
The City’s investment portfolio shall be structured in a manner which strives to achieve that securities mature at the same time as cash is needed to meet anticipated demands (static liquidity). Additionally, since all possible cash demands cannot be anticipated, the portfolio should consist largely of securities with active secondary or resale markets (dynamic liquidity).
Funds equal to 20% of the total annual expenditure budget less any capital expenditures for which bond proceeds are available, less internal service fund charges and less Trust and Agency fund expenditures, as first adopted for each fiscal year, shall be invested in the California State LAIF or other 30 day or less securities for call requirements. However, this provision shall not require the sale of any investment due solely to the adoption of a new budget, or amendment to a budget, which would have the effect of increasing the dollar amount needed to maintain this 20% requirement in 30 day or less funds. At such time that the 30 day or less funds falls below 20% of the annual expenditure budget, the City Treasurer, within 30 days, will notify the Investment Committee with a proposed action plan. The City Council will be subsequently notified of the action taken. The specific percentage mix of different investment instruments and maturities is described in Section II of this Policy.
3. Yield
Yield on the City's investment portfolio is of secondary importance compared to the safety and liquidity objectives described above. Investments are limited to relatively low risk securities in anticipation of earning a fair return relative to the risk being assumed. While it may occasionally be necessary or strategically prudent of the City to sell a security prior to maturity to either meet unanticipated cash needs or to restructure the portfolio, this Policy specifically prohibits trading securities for the sole purpose of speculating on the future direction of interest rates.
B. Time Frame for Investment Decisions
The City's investment portfolio shall be structured to provide that sufficient funds from investments are available every month to meet the City's anticipated cash needs. Subject Agenda Item No. 11.2 Packet Page 190 of 199
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to the safety provisions outlined above, the choice in investment instruments and maturities shall be based upon an analysis of anticipated cash needs, existing and anticipated revenues, interest rate trends, and specific market opportunities. No investment should have a maturity of more than five (5) years from its date of purchase without receiving City Council approval within the prior 90 days.
C. Pooling of Funds
The City will consolidate cash and reserve balances from all funds to maximize investment earnings and to increase efficiencies with regard to investment pricing, safekeeping and administration. Investment income will be allocated to the various funds based on their respective participation and in accordance with generally accepted accounting principles.
D.Definition of Idle or Surplus Funds
Idle or surplus funds for the purpose of this Policy are all City funds which are available for investment at any one time, including the estimated checking account float, excepting those minimum balances required by the City's banks to compensate them for the cost of banking services. This Policy also applies to the idle or surplus funds included in the general fund, special revenue funds, debt service funds, capital projects funds, enterprise funds, internal service funds, trust/agency funds and of other entities for which the City of Gilroy personnel provide financial management services.
E. Applicability of Policy
This policy does not apply to:
1. The City's Deferred Compensation Plan, the investments in which are directed by the participating employees; and
2. Monies held by a trustee or fiscal agent and pledged to the payment or security of bonds or other indebtedness, or obligations under agreements, of a local agency, or certificates of participation in such bonds, indebtedness or agreements, the investment of which may be in accordance with the statutory provisions governing the issuance of those bonds, indebtedness or agreements, or to the extent not inconsistent therewith, or if there are no specific statutory provisions, in accordance with the ordinance, resolution, indenture or agreement of the local agency providing for the issuance.
3. Monies held in a Section 115 trust for Post-Employment Benefits Trust (the “Program”) for the purpose of pre-funding pension obligations and/or OPEB obligations. Investment of such section 115 trust/s are directed by the separate Investment Guidelines Document (IGD) as approved by the Plan Sponsor.
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F. Benchmark and Performance Standards
T investment portfolio shall be designed to attain a market-average rate of return throughout budgetary and economic cycles, taking into account the City’s risk constraints, the cash flow needs, and state and local laws. The performance of the investment portfolio shall be compared to the average yield on the U.S.
Treasury bill that most closely corresponds to the investment portfolio’s weighted average effective maturity.
II. INVESTMENTS
This section of the Investment Policy identifies policies, types of investments, and related matters pertaining to instruments in which the City will invest its idle funds.
A. Investment Standards
The City of Gilroy operates its temporary pooled idle cash investments under the Prudent Investor Standard, California Government Code, Section 53600.3 1 , and with
additional guidance from the provisions of the Uniform Prudent Investor Act, California Probate Code Section 16045, et seq 2. This affords the City a broad spectrum of investment opportunities as long as the investment is deemed prudent and is allowable under current legislation of the State of California (Government Code Section 53600, et seq).
B. Eligible Securities
Subject to the Prudent Investor Standard and other applicable laws and regulations, this policy permits investment in the following:
Insured Certificates of Deposit (CD's) of California banks and/or savings and loan associations, and/or savings with a Superior or Excellent ranking of 165 or more as provided by IDC Financial Publishing Inc. or similar rating publication) which mature in five (5) years or less, provided that the City's investments shall not exceed Two Hundred Fifty Thousand Dollars ($250,000.00) per institution. If the investment exceeds the insured $250,000.00, the funds are to be collateralized at 110% of the deposit in government securities or 150% in mortgages. (limited to 15% of the portfolio) 1 Governing bodies of local agencies (e.g., a City Council) or persons authorized to make investment decisions on behalf of those local agencies investing public funds pursuant to this chapter are trustees and therefore fiduciaries subject to the prudent investor standard. When investing, reinvesting, purchasing, acquiring, exchanging, selling, and managing public funds, a trustee shall act with care, skill, prudence, and diligence under the circumstances then prevailing, including, but not limited to, the general economic conditions and the anticipated needs of the agency, that a prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the agency. Within the limitations of this section and considering individual investments as part to an overall strategy, a trustee is authorized to acquire investments as authorized by law.
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2 The standard of care for trustees investing and managing trust assets is the Prudent Investor Standard and takes into consideration the purposes, terms, distribution requirements and other circumstances of the trust, and in satisfying this standard, the trustee is required to exercise reasonable care, skill, and caution in light of the facts and circumstances existing at the time of a trustee's decision or action. Local Agency Investment Fund (State Pool) Demand Deposits California Cooperative Liquid Assets Securities System (CLASS) (limited to 15% of the portfolio)
Securities of the U.S. Government, or its agencies
Negotiable Certificates of Deposit (NCDs) placed with federal and state savings and loan associations and federal and state chartered banks with an office in the State of California. (limited to 15% of the portfolio)
Bankers Acceptances (limited to 15% of the portfolio) Commercial paper (limited to 10% of the portfolio)
Passbook Savings or Money Market Demand Deposits
Securities or bonds purchased under a prior investment policy, which may or may not meet the standards of this policy. (Such securities or bonds may be held or sold under this Policy but additional purchases shall not be made.) Money Market Mutual Fund (with $1.00 net asset value and which invests only in instruments allowed under Government Code Section 53600, et seq.) - (limited to 5% of the portfolio)
C. Investments Deemed Not Appropriate at this Time
The City of Gilroy Investment Policy does not permit investment in the following instruments or securities:
Corporate bonds or stocks
Repurchase agreements or reverse repurchase agreements Interest only or principal only strips
Certificates of Deposit issued by institutions not operating within California Inverse floaters and range notes
Financial futures or financial option contracts
Securities lending or leveraging any portion of the portfolio Agenda Item No. 11.2 Packet Page 193 of 199
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D. Collateralization Requirements
Uninsured Time Deposits with banks and savings and loans shall be collateralized in the manner prescribed by law for depositories accepting municipal investment funds.
E. Preformatted Wire Transfers
Wherever possible, the City will use preformatted wire transfers to restrict the transfer of funds to preauthorized accounts only. When transferring funds to an account not previously approved, the bank is required to call back a second employee for confirmation that the transfer is authorized.
F. Qualification of Brokers, Dealers and Financial Institutions The City Treasurer shall investigate brokers and dealers who wish to do business with the City to determine if they are adequately capitalized, have any pending legal actions against the firm or the individual broker, and that they market securities appropriate to the City's needs.
The City shall annually send a copy of the current edition of the Policy to all institutions and broker/dealers which are approved to handle City of Gilroy investments. Receipt of the Policy, including confirmation that it has been received by persons handling the City's accounts, shall be acknowledged in writing within thirty (30) days.
G. Diversification
The portfolio should consist of a prudent mix of various types of securities, issues and maturities.
H. Confirmation
Receipts for confirmation of purchase or sale of authorized securities should be received by the City Treasurer within five (5) days and include the following information: trade date, par value, rate, price, yield, settlement date, description of securities purchased, agency's name, net amount due, third party custodial information. These are minimum information requirements.
I. Internal Controls
Investment duties shall be separated by having at least three persons perform the following functions for any particular investment: the recordation of investments and disbursements, confirmation receipts, the preparation of Treasurer's reports, wire transfers, bank reconciliations and treasury reconciliations. An independent analysis by the external auditor shall be conducted annually to screen internal control, account activity, including verification of all securities, and compliance with policies and procedures.
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J. Interest Earnings
All interest earned on investments authorized by this Policy shall be allocated quarterly to all City funds based on the positive cash balances in each fund as a percentage of the entire pooled portfolio.
III. SAFEKEEPING OF SECURITIES
A. Safekeeping Agreement
The City shall contract with a bank or banks with federally insured deposits for the safekeeping services through a third party custodial agreement, (California Government Code Section 53601)3
which includes delivery versus payment provisions, for securities which are owned by the City as part of its investment portfolio.
B. Handling of City-Owned Securities and Time Deposit Collateral All securities owned by the City shall be held by the City or by its third-party custodian, except the collateral for time deposits in banks, savings banks, and savings and loan associations. The collateral for time deposits in banks and savings and loans shall be held in a trust account in the City of Gilroy's name. Dealers or brokers shall not hold any securities for the City. A broker is not an approved depository under California Government Code Section 53630 4 and Section 53608 5
C. Security Transfers
The authorization to release City's securities will be telephoned to the appropriate depository or custodian by a Finance Department member other than the person who initiated the transaction. A written confirmation outlining the details for the transaction and confirming the telephone instructions will be sent to the bank within five (5) working days. A confirming notice documenting the transaction will be sent by the bank to the City within five (5) working days of the transaction. 3 Section 53601. Authorized Investments, circumstances. A local agency purchasing or obtaining any security . . . shall require delivery of the securities to the local agency . . . by book entry, physical delivery or by third party custodial agreement.
4 Section 53630(c) allows state or national banks, state or federal savings banks or savings and loan associations, state or federal credit unions and federally insured industrial loan companies as approved depositories. 5 Section 53608. Deposit of securities; delegation of authority. The legislative body of a local agency may deposit for safekeeping with a federal or state association, a trust company or a state or national bank located within this state or with the Federal Reserve Bank of San Francisco or any branch thereof within this state, or with any Federal Reserve Bank or with any state or national bank located in any city designated as a reserve city by the Board of Governors of the Federal Reserve System, the bonds, notes, bills, debentures, obligations, certificates or indebtedness, warrants, or other evidences of indebtedness in which the money of the local agency is invested pursuant to this article or pursuant to other legislative authority. The local agency shall take from such financial institution a receipt for securities so deposited. The authority of the legislative body to deposit for safekeeping may be delegated by the legislative body to the treasurer of the local agency; the treasurer shall not be responsible for Agenda Item No. 11.2 Packet Page 195 of 199
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securities delivered to and receipted for by a financial institution until they are withdrawn from the financial institution by the treasurer.
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D. Verification of Security
Securities held by an agent of depository as collateral securing time deposits will be verified in writing during the year by the City's independent auditors as part of the City's annual independent audit. The City's independent auditors confirm the collateral directly with the bank holding that collateral. Those securities held by that depository or custodian as collateral are subject to audit by the bank's auditors.
IV. STRUCTURE AND RESPONSIBILITY
This section of the Policy defines the overall structure of the investment management program.
A. Responsibilities of the Finance Department
The Finance Department, through its officers and representatives, is charged with the responsibility for maintaining custody of all public funds and securities belonging to or under the control of the City and for the deposit and investment of those funds in accordance with principles of sound treasury management and in accordance with applicable laws and ordinances.
B. Responsibilities and Ethics of the City Treasurer
1. Delegation of Authority
The authority to manage the City’s investment program is derived from the California Government Code Section 53600, et seq, The City Council is responsible for the management of the City’s funds, including the administration of this investment policy. The authority of the City Council to invest or to reinvest funds, or to sell or exchange securities so purchased, is hereby delegated to the City Treasurer, who shall thereafter assume full responsibility for those transactions until the delegation is revoked and shall make quarterly reports of those transactions to the City Council. (California Government Code Section 53607).
2. Responsibilities
The City Treasurer is appointed by the City Administrator and is subject to his direction and supervision. The City Treasurer is charged with the responsibility for the purchase, sale, custody and investment of City funds, and the development of procedures to implement this Investment Policy. In fulfilling his responsibilities, the City Treasurer is subject to the Prudent Investor Standard and shall render reports regarding compliance with the Investment Policy. The City Treasurer is further responsible for the duties and subject to the powers imposed by and applicable to City Treasurers under the general laws of the State of California.
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3. Ethical Conduct
The City Treasurer will demonstrate integrity in all public and personal relationships, protect the public trust, and seek no favor or accept any personal gain which would influence or appear to influence the conduct of the office of Treasurer.
C. Responsibilities of the City Administrator
The City Administrator is responsible for directing and supervising the City Treasurer.
He is responsible further to keep the City Council fully advised as to the financial condition of the City and its compliance with this Policy.
D. Responsibilities of the City Council
The City Council shall consider and annually adopt a written investment policy. As provided in that policy, the Council shall receive and review quarterly investment reports and may annually delegate investment authority to the City Treasurer pursuant to California Government Code Section 53607.
E. Responsibilities of the Investment Committee
There shall be an Investment Committee consisting of the City Administrator, City Treasurer/Finance Director, and the Finance Manager. The committee shall meet quarterly to discuss cash flow requirements, monthly and quarterly investment reports, investment strategy, investment and banking procedures, significant investment related work projects being undertaken in each department which will affect the cash flow management of the City Treasurer and to review compliance with the investment policies adopted by the City Council. This will require timely reports from the department heads to the City Treasurer concerning significant future cash flow requirements.
V. REPORTING
The City Treasurer shall prepare a quarterly investment report, including a succinct management summary that provides a clear picture of the status of the current investment portfolio and transactions made over the past quarter by month. This management summary will be prepared in a manner which will allow the City Administrator and City Council to ascertain whether investment activities during the reporting period are in conformance with the City's Investment Policy.
The quarterly investment report will include the following:
A. A listing of individual securities held at the end of the reporting quarter showing the:
1. type of investment
2. institution
3. date of maturity
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4. amount of deposit or cost of the security
5. rate of return
B. Unrealized gain or loss resulting from appreciation or depreciation by listing the cost and market value of securities over one year in duration.
C. Average yield of return on the City's investments.
D. Maturity aging for the investments.
E. Compliance of the investment portfolio with the Investment Policy.
F. A statement denoting the ability of the City to meet expenditure requirements for the next six months.
VI. REVIEW OF INVESTMENT MANAGEMENT
A. Statement of Policy
As set forth in California Code Section 53646(a), the City Administrator shall annually render to the City Council a statement of investment policy, which shall be considered by the Council at a public meeting.
B. Policy Review
This Investment Policy shall be reviewed annually by the City Council at a public meeting in accordance with state law to ensure its consistency with respect to the overall objectives of safety, liquidity, and yield. Proposed amendments to the Policy shall be prepared by the City Treasurer and after review by the Investment Committee shall be forwarded to the City Council for consideration at a public meeting.
Any recommended modifications or amendments shall be presented to the City Council for their consideration and adoption.
VII. AUTHORITY
This Policy was duly adopted by authority of the City Council of the City of Gilroy on the 1st day of July 2015 and was most recently re-adopted on November 7, 2022October 16, 2023.
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