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March 9, 2022
Memorandum
To: Bret Harmon, Finance Director
Jared Hansen, CPA, CGFM, MBA, Deputy Finance Director
City of Manteca
From: Monique Spyke, Managing Director
Allison Kaune, Senior Analyst
PFM Asset Management LLC
RE: City of Manteca Investment Policy Review
PFM Asset Management LLC has completed its review of the City of Manteca’s 2021 Investment Policy (the “Policy”). The Policy is well written and in compliance with the sections of California Government Code (the “Code”) that govern the investment of public funds.
Furthermore, no changes were made to the Code since the Policy’s last review that require any changes to the Policy.
This year, however, we are recommending one change to the Policy to address Statement No. 98 of the Governmental Accounting Standards Board, dated October 2021. This Statement establishes the term annual comprehensive financial report and its acronym ACFR. That new term and acronym replace instances of comprehensive annual financial report and its acronym in generally accepted accounting principles for state and local governments. The requirements of this Statement are effective for fiscal years ending after December 15, 2021. Included with this memo is the GASB Statement No. 98, which provides additional information on the change. We have also included a marked-up version of the Policy showing our recommended edits.
Please let us know if you have any questions and if you’d like to schedule a call to discuss our review.
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