1 of
1 May 5, 2022
Memorandum
To:
Anne Cardwell
,
Finance Director
Jessie Gooch, Budget
Officer
City of
Napa
From:
Monique Spyke, Managing Director
Allison Kaune, Senior Analyst
PFM Asset Management LLC
RE
:
City of
Napa
Investment Policy Review
PFM
Asset Management LLC
has completed its review
of
t
he City
of Napa
’
s June
202
1 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, howeve
r, we are recommending one change to the Policy
’
s
Scope
section
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 an
d 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, 20
21. 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 edit
.
Please let us know if you have any questions
.
ATTACHMENT 2