City Council Agenda Report
June 17, 2025
TO: Honorable City Council
FROM: Jesus M. Gomez, City Manager
BY: Jana Stuard, Director of Finance/City Treasurer
Devon Jimenez, City Controller/Deputy City Treasurer
Jennifer Hernandez, Senior Management Analyst
SUBJECT: RESOLUTION NO. 25-23 - STATEMENT OF INVESTMENT POLICY Background:
California Government Code Section 53646(a) requires that a local agency’s treasurer or chief fiscal officer annually render to the legislative body a statement of investment policy to be considered at a public meeting. In addition, Government Code Section 53607 authorizes the legislative body of a local agency to delegate its authority to invest and reinvest local agency monies or to sell or exchange securities purchased to the treasurer of the local agency. Senate Bill 109 now limits this authorization to delegate authority to a one-year period.
Description of Attachments
The Statement of Investment Policy and supporting documents is consistent with policies approved by City Council in prior fiscal years. As a reminder, the following descriptions are provided to explain each of the attachments.
Attachment 2: Statement of Investment Policy. This statement is intended to provide guidelines for the prudent investment of the City’s temporary idle cash. The statement has been prepared in accordance with existing laws.
Attachment 3: Investment Program. This document details the investment guidelines and internal control objectives, including the segregation of duties that is referred to in the Investment Policy. The investment Program is established by the City Treasurer and will be modified as needed.
Attachment 4: Broker/Dealer Questionnaire and Certification. This document will be utilized if any investments are purchased through a broker/dealer.
City Council June 17, 2025
Resolution No. 25-23 - Investment Policy FY 2025/26 Page No. 2 1 3
9 8
Attachment 5: Before Entering A Governmental Pool Questionnaire. This document will be utilized if the City elects to join another governmental pool.
Attachment 6: California Government Code – Authorized Investments. California Government Code Sections 53601 and 53635 provide a list of authorized investments. All investments are not suitable for Norwalk, and as such, have not been placed in the Investment Policy. This is an informal attachment only.
Summary
The presented Investment Policy provides guidelines for the prudent investment of the City’s temporary idle cash and outlines the procedures for maximizing the efficiency of the City’s cash management system. This investment policy has been prepared so as to be in conformance with all pertinent existing laws of the State of California for General Law cities.
Fiscal Impact:
N/A
Citizens Advised:
N/A
Strategic Plan 2023 Implementation:
The recommended action will further the City’s Strategic Plan Goal 3: Create and Sustain a Resilient and Economically Prosperous City.
Recommended Action:
Staff recommends City Council adopt Resolution No. 25-23, A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NORWALK, ADOPTING THE 2025/26 STATEMENT OF
INVESTMENT POLICY AND AUTHORIZING THE CITY TREASURER TO INVEST AND
REINVEST IDLE MONIES OF THE CITY OF NORWALK IN ACCORDANCE WITH THE 2025/26 STATEMENT OF INVESTMENT POLICY.
Attachments:
1. Resolution No. 25-23
2. Statement of Investment Policy
3. Investment Program
4. Broker/Dealer Questionnaire and Certification
5. Before Entering A Governmental Pool Questionnaire
6. California Government Code - Authorized Investments