ATTACHMENT B
Memo from Chandler
Asset Management
SUMMARY OF CHANGES TO THE INVESTMENT POLICY PREPARED BY
CHANDLER ASSET MANAGEMENT
In collaboration with the City of Palm Spring’s investment advisor, Chandler Asset Management, finance staff recently reviewed and updated the City’s investment policy to capture recent changes to California Government Code (Code) governance of the investment public The policy was also reviewed to ensure the latest best practices from recognized industry groups such as Government Finance Officers Association (GFOA), California Society of Municipal Finance Officers (CSMFO), and the California Municipal Treasurers Association (CMTA) were included.
Below is a summary of those changes:
• Updated based on the latest California Government Code, effective 01/01/2026, Senate Bill 595 o Extends the provision to allow up to 40% of a total portfolio in commercial paper through 2031.
o Allows investment in zero- or negative interest rate accrual of US Treasury securities through 2031.
o Extends the CP maximum maturity to increase from 270 days to 397 days. • Update glossary based on the latest market standards.