January 20, 2025, Item #3
AGENDA REPORT CityofPoway
DATE:
TO:
FROM:
CONTACT:
SUBJECT:
Summary:
January 20, 2026
Honorable Mayor and Members of the City Council
Craig Schmollinger, Director of Finance @
Mehrnoush Jamshidi, Finance Manage~-"'"
858-668-4426 or [email protected]
Annual Investment Policy Review
CITY COUNCIL
Pursuant to California Government Code Sec. 53646 and the City's Investment Policy (Policy), the Director of Finance serving in the capacity as City Treasurer, per the Poway Municipal Code is submitting the Policy to the City Council for its annual review. This Policy is an important tool for ensuring the stewardship of the City's financial resources. Staff is not proposing any changes to the Policy.
Recommended Action:
There is no recommended action; this item is a report and file only.
Discussion:
The City of Poway invests its funds according to parameters set forth in the City's adopted Policy. The Policy is consistent with California Government Code Section 53600, et seq. which provides standards regarding investment policies and reports, securities, and repurchase agreements for local agencies.
The Policy was last modified and/or reviewed on December 3, 2024.
Since July 1, 1996, the City has worked with an investment advisor to assist in the administration of the City's investment portfolio. The current investment advisor is Insight Investment, an investment .firm of BNY Mellon Investment Management. The Policy defines the role of the City's investment advisor and the procedures to be followed. Per the Policy, the Investment Oversight Committee (Committee) comprised of the Director of Finance, the Finance Manager, and the Senior Accountant, oversees the investment of the City's funds. This Committee works with the investment advisor to ensure the Policy is being followed.
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January 20, 2025, Item #3
Based on a review of the Policy, the Committee and investment advisor have proposed minor clarifying revisions to the current investment Policy, which are predominately administrative in nature.
The Policy is included as Attachment A for reference.
Environmental Review:
This action is not subject to review under the California Environmental Quality Act (CEQA).
Fiscal Impact:
The Investment Policy is designed to enhance the economic status of the City while protecting its funds.
Public Notification:
None.
Attachments:
A. Investment Policy
Reviewed/Approved By:
Assistant City Manager
2 of 12
Reviewed By:
Alan Fenstermacher
City Attorney
Approved By:
Chr~
City Manager
January 20, 2026, Item #3
CITY OF POWAY
INVESTMENT POLICY
Dated: January 6, 2026
The City of Poway (the City) has adopted this Investment Policy (Policy) in order to establish the investment scope, objectives, delegation of authority, standards of prudence, reporting requirements, internal controls, eligible investments and transactions, diversification requirements, risk tolerance, and safekeeping and custodial procedures for the investment of the funds of the City. All City funds will be invested in accordance with this Policy and with applicable sections of the California Government Code.
This Policy replaces any previous Policy or investment procedures of the City.
SCOPE
The provisions of this Policy shall apply to all financial assets and investment activities of the City as accounted for in the City's Comprehensive Annual Financial Report. The employees' retirement and deferred compensation funds are not covered by this Policy. Also, bond reserve funds will be invested in accordance with each bond issue's indenture agreement.
All cash shall be pooled for investment purposes. The investment income derived from the pooled investment account shall be allocated to the General Fund, the Water Fund, the Sewer Fund, and other funds as budgeted or required by legislation based upon the proportion of the respective average balances relative to the total pooled balance. Investment income shall be distributed to the individual funds not less than annually.
OBJECTIVES
The City's funds shall be invested in accordance with all applicable City resolutions, California statutes, and Federal regulations, and in a manner designed to accomplish the following objectives, which are listed in priority order:
1. Preservation of capital and protection of investment principal.
2. Maintenance of sufficient liquidity to meet anticipated cash flows.
3. Attainment of a market rate of return.
4. Diversification to avoid incurring unreasonable market risks.
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3 of 12 ATTACHMENT A
January 20, 2026, Item #3
DELEGATION OF AUTHORITY
In accordance with City of Poway Resolution No. 21-064, the City Treasurer/Finance Department is authorized to invest the City's funds in accordance with the California Government Code Section 53607. The City's Director of Finance serves as the Treasurer. The Director of Finance may delegate the authority to conduct investment transactions and to manage the operation of the investment portfolio to other specifically authorized staff members. No person may engage in an investment transaction except as expressly provided under the terms of this Policy.
The Director of Finance shall develop administrative procedures and internal controls, consistent with this Policy, for the operation of the City's investment program. Such procedures shall be designed to prevent losses of public funds arising from fraud, employee error, misrepresentation by third parties, or imprudent actions by employees of the City.
The City may engage the support services of outside investment advisors with respect to its investment program, so long as it can be demonstrated that these services produce a net financial advantage or necessary financial protection of the City's financial resources. If an investment advisor is selected to help manage the investment program, a City Investment Oversight Committee shall be kept informed of the changing investment environment and any potential restructuring of the portfolio which could result. This Investment Committee shall consist of the Director of Finance, the Finance Manager, and the Senior Accountant.
PRUDENCE
The standard of prudence to be used for managing the City's investment program is California Government Code Section 53600.3, the prudent investor standard, which states that "when investing, reinvesting, purchasing, acquiring, exchanging, selling, or 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."
The City's overall investment program shall be designed and managed with a degree of professionalism that is worthy of the public trust. The City recognizes that no investment is totally without risk and that the investment activities of the City are a matter of public record. Accordingly, the City recognizes that occasional measured losses may occur in a diversified portfolio and shall be considered within the context of the overall portfolio's return, provided that adequate diversification has been implemented and that the sale of a security is in the best long-term interest of the City.
The Director of Finance and authorized investment personnel acting in accordance with established procedures and exercising due diligence shall be relieved of personal responsibility for an individual security's credit risk or market price changes, provided that deviations from expectations are reported in .a timely fashion to the City Council and appropriate action is taken to control adverse developments.
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January 20, 2026, Item #3
ETHICS AND CONFLICTS OF INTEREST
Elected officials and employees involved in the investment process shall refrain from personal business activity that could conflict with proper execution of the City's investment program or could impair or create the appearance of an impairment of their ability to make impartial investment decisions. Employees and investment officials shall subordinate their personal investment transactions to those of the City. In addition, City Councilmembers, the Director of Finance, the Finance Manager, and the Senior Accountant shall file a Statement of Economic Interests each year as required by California Government Code Section 87203 and regulations of the Fair Political Practices Commission.
AUTHORIZED SECURITIES AND TRANSACTIONS
All investments and deposits of the City shall be made in accordance with California Government Code Sections 16429.1, 53600-53609, and 53630-53686. Any revisions or extensions of these code sections will be assumed to be part of this Policy immediately upon being enacted.
The City shall not knowingly make any investments in any institution, company, corporation, subsidiary, or affiliate that practices or supports directly or indirectly through its actions, discrimination on the basis of race, religion, color, creed, national or ethnic origin, age, sex, sexual preference, or physical disability.
The City has further restricted the eligible types of securities and transactions as follows:
1. United States Treasury bills, notes, or bonds with a final maturity not exceeding five years from the date of trade settlement. There is no limit on the percentage of the portfolio that may be invested in U.S. Treasury securities.
2. Federal Agency and Instrumentality (government sponsored enterprises) obligations, including mortgage-backed securities and collateralized mortgage obligations. Securities purchased must have a final maturity not exceeding five years from the date of trade settlement. No more than 25% of the City's total portfolio shall be invested in any one issuer and the aggregate amount shall not exceed 75% of the City's total portfolio. Subordinated debt may not be purchased.
3. Supranationals are United States dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development, International Finance Corporation, or Inter-American Development Bank, with a maximum remaining maturity of five years or less, and eligible for purchase and sale within the United States. Investments under this subdivision shall be rated in a rating category of "AA" or its equivalent or better by a Nationally Recognized Statistical Rating Organization (NRSRO). No more than 30% of the City's total portfolio shall be invested pursuant to this section.
4. Corporate Securities
No more than 5% of the City's portfolio shall be invested in the obligations of any one corporate issuer. Rule 144A (private placement) securities are prohibited from purchase. • Medium-Term Notes issued by corporations organized and operating within the United States or by depository institutions licensed by the United States or any state and operating within the United States. Such securities shall have a final maturity not exceeding five years from the date of trade settlement and shall be rated at least "A", or 5 of 12
January 20, 2026, Item #3
the
equivalent,
by
an
NRSRO.
No
more
than
30%
of
the
City's
total
portfolio
shall
be
invested
in
Medium-Term
Notes.
5. Asset-Backed
Securities
including
equipment
lease-backed
certificates,
consumer
receivable
pass-through
certificates,
or
consumer-receivable-backed
bonds.
Such
securities
shall
not
exceed
five
years
from
the
date
of
trade
settlement
and
must
be
rated
at
least
"AM"
by
at
least
one
NRSRO.
No
more
than
20%
of
the
City's
total
portfolio
shall
be
invested
in
Asset
Backed
Securities
. No
more
than
5%
of
the
City's
portfolio
shall
be
invested
in
the
obligations
of
any
one
Asset-Backed
issuer.
6. Prime
Commercial
Paper
with
a
maturity
not
exceeding
270
days
from
the
date
of
trade
settlement
and
rated
at
least
"A-1",
or
the
equivalent,
by
an
NRSRO.
The
entity
that
issues
the
commercial
paper
shall
meet
all
of
the
conditions
in
either
sub-paragraph
A
or
sub
paragraph
B.
below:
A
The
entity
shall
(1)
be
organized
and
operating
in
the
United
States
as
a
general
corporation,
(2)
have total
assets
exceeding
$500,000,000
and
(3)
have
debt
other
than
commercial
paper,
if
any,
that
is
rated
at
least
"A"
or
the
equivalent
by
an
NRSRO.
B.
The
entity
shall
(1)
be
organized
within
the
United
States
as
a
special
purpose
corporation,
trust,
or
limited
liability
company,
(2)
have
program
wide
credit
enhancements,
including,
but
not
limited
to,
over
collateralization,
letters
of
credit
or
surety
bond
and
(3)
have
commercial
paper
that
is
rated
at
least
"A-1"
or
the
equivalent
by
an
NRSRO.
Investment
in
commercial
paper
shall
not
exceed
25%
of
the
City's
total
portfolio.
7. Municipal
Bonds
including
registered
notes
or
bonds
of
any
of
the
50 states
, including
bonds
payable
solely
out
of
the
revenues
from
a
revenue-producing
property
owned,
controlled,
or
operated
by
a
state
or
by
a
department,
board,
agency,
or authority
of any
of
the
50 states.
In
addition,
bonds,
notes,
warrants,
or
other
evidences
of
indebtedness
of
any
local
agency
in
California,
including
bonds
payable
solely
out
of
the
revenues
from
a revenue-producing
property
owned,
controlled,
or
operated
by
the
local
agency,
or
by
a
department,
board,
agency,
or
authority
of
the
local
agency.
Municipal
Bonds
must
be
rated
at
least
"A"
or
the
equivalent
by
an
NRSRO
with
maturities
not
exceeding
five
years
from
the
date
of
trade
settlement.
No
more
than
5%
of
the
City's
portfolio
shall
be
invested
in
the
obligations
of
any
one
issuer,
and
the
aggregate
investment
in
municipal
bonds
shall
not
exceed
30%
of
the
City's
total
portfolio
.
8. Negotiable
Certificates
of
Deposits
(CDs)
of
commercial
banks
rated
at
least
"A-1",
or
the
equivalent,
with
·maturities
not
exceeding
five
years
from
the
date
of
trade
settlement.
In
addition,
the
City
may
not
invest
in
the
CD
of
a
state
or
federal
credit
union
where
any
person
with
investment
decision
making
authority
at
the
City
also
serves
on
the
board
of
directors,
or
any
committee
appointed
by
the
board
of
directors,
or
the
credit
committee
or
the
supervisory
committee
of
the
state
or
federal
credit
union
issuing
the
negotiable
certificates
of
deposit.
No
more
than
5%
of
the
portfolio
may
be
invested
in
the
CDs
of
any
one
issuer,
and
the
aggregate
investment
in
CDs
shall
not
exceed
30%
of
the
portfolio.
9. Non-negotiable
Certificates
of
Deposit
and
savings
deposits
with
a maturity
not
exceeding
five
years
from
the
date
of
trade
settlement,
in
FDIC
insured
state
or
nationally
chartered
banks
or
savings
banks
that
qualify
as
a
depository
of
public
funds
in
the
State
of
California
.as
defined
in
California
Government
Code
Section
53630.5.
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12 January 20, 2026, Item #3
Deposits
exceeding
the
insured
amount
shall
be
secured
pursuant
to
California
Government
Code
Section
53651
and
53652.
The
City
shall
comply
with
and
act
to
secure
compliance
with
the
security
(collateralization)
system
specified
in
the
Government
Code
Section
53649
and
53652.
10. Eligible
Banker's
Acceptances
with
a
maturity
not
exceeding
180
days
from
the
date
of
trade
settlement, drawn
on
and
accepted
by
a
commercial
bank
whose
senior
long-term
debt
is
rated
at
least
"A",
or
the
equivalent,
by
an
NRSRO
at
the
time
of
purchase.
Banker's
Acceptances
shall
be
rated
at
least
"A-1
",
or
the
equivalent,
at
the
time
of
purchase
by
an
NRSRO
.
No
more
than
5%
of
the
City's
total
portfolio
shall
be
invested
in
banker's
acceptances
of
any
one
bank
and
the
aggregate
investment
in
banker's
acceptances
shall
not
exceed
40%
of
the
City's
total
portfolio.
11. Money
Market
Funds
registered
under
the
Investment
Company
Act
of
1940
that
(1)
are
"no
load"
(meaning
no
commission
or
fee
shall
be
charged
on
purchases
or
sales
of
shares);
(2)
have
a
constant
net
asset
value
per
share
of
$1.00;
(3)
invest
only
in
the
securities
and
obligations
authorized
in
the
applicable
California
statutes
and
(4)
have
a
rating
of
at
least
"AAA",
or
the
equivalent
by
at
least
two
NRSROs.
No
more
than
10%
of
the
portfolio
may
be
invested
in
any
one
fund
and
the
aggregate
investment
in
money
market
funds
shall
not
exceed
20%
of
the
City's
total
portfolio.
12. Shares
of
Beneficial
Interest
issued
by
a
joint
powers
authority
(e.g.,
CalTRUST)
organized
pursuant
to
Section
6509.
7 that
invest
in
the
securities
and
obligations
authorized
in
subdivisions
(a)
to
(o),
inclusive,
of
California
Government
Code
Section
53601.
Each
share
shall
represent
an
equal
proportional
interest
in
the
underlying
pool
of
securities
owned
by
the
joint
powers
authority
. To
be
eligible
under
this
section,
the
joint
powers
authority
issuing
the
shares
shall
have
retained
an
investment
advisor
that:
(1)
is
registered
or
exempt
from
registration
with
the
Securities
and
Exchange
Commission.
(2)
has
at
least
five
years
of
experience
investing
in
the
securities
and
obligations
authorized
in
subdivisions
(a)
to
(o),
inclusive,
of
California
Government
Code
Section
53601.
(3)
has
assets
under
management
in
excess
of
$500,000,000.
13 . State
of
California's
Local
Agency
Investment
Fund
(LAIF).
pursuant
to
California
Government
Code
Section
16429
.1.
14 . The
San
Diego
County
Investment
Pool.
The
City
may
invest
in
this
investment
pool,
established
by
the
San
Diego
County
Treasurer
for
the
benefit
of
local
public
agencies.
The
foregoing
list
of
authorized
securities
and
transactions
shall
be
strictly
interpreted.
Any
deviation
from
this
list
must
be
preapproved
by
resolution
of
the
City
Council.
INVESTMENT
MANAGEMENT
If
the
City
has
employed
an
external
investment
advisor
to
help
manage
its
portfolio,
the
investment
advisor
shall
be
bound
by
the
aforementioned
list
of
authorized
securities,
the
state
and
local
laws
and
regulations
that
govern
the
investment
activity
of
the
City,
and
the
following
additional
parameters
.
•
While
it
is
understood
that
occasionally
it
may
be
in
the
best
interest
of
the
City
to
take
losses
in
its
security
portfolio,
losses
taken
to
increase
the
yield
in
the
portfolio
may
only
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12 January 20, 2026, Item #3
be taken if the increased yield results in the loss being recouped in one year or less.
Credit-related losses on the other hand are taken to prevent potentially larger losses in the future. When possible, the investment advisor will get prior approval of the City before taking credit-related losses. In any case, the City will be notified as soon as possible about any losses taken in the portfolio.
• Securities that are downgraded by one or more rating agency to below the ratings required by this Policy do not have to be sold. However, the investment advisor will immediately notify the City of the downgrade. The advisor will prepare a credit report on the downgraded security and forward it to the City.
While the City entrusts its investment portfolio to the advisor, the City retains the right to ultimately make the decisions on how to invest its monies.
INVESTMENT DIVERSIFICATION
The City shall diversify its investments to avoid incurring unreasonable risks inherent in over investing in specific instruments, individual financial institutions or maturities. Nevertheless, the asset allocation in the investment portfolio should be flexible depending upon the outlook for the economy, the securities markets and the City's anticipated cash flow needs.
PORTFOLIO MATURITIES AND LIQUIDITY
To the extent possible, investments shall be matched with anticipated cash flow requirements and known future liabilities. The City will not invest in securities maturing more than five years from the date of trade settlement, unless the City Council has by resolution granted authority to make such an investment at least three months prior to the date of investment.
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January 20, 2026, Item #3
SELECTION
OF
BROKER/DEALERS
The
Finance
Manager
shall
maintain
a
list
of
broker/dealers
approved
for
investment
purposes
,
and
it shall
be
the
policy
of
the
City
to
purchase
securities
only
from
those
brokers
and
the
firms
they
represent.
Each
approved
broker/dealer
must
possess
an
authorizing
certificate
from
the
California
Commissioner
of
Corporations
as
required
by
Section
25210
of
the
California
Corporations
Code
.
To
be
eligible,
a firm
must
meet
at
least
one
of
the
following
criteria
:
1. Be
recognized
as
Primary
Dealers
by
the
Federal
Reserve
Bank
of
New
York
or
have
a
primary
dealer
within
their
holding
company
structure
, or
2. Report
voluntarily
to
the
Federal
Reserve
Bank
of
New
York
, or
3. Qualify
under
Securities
and
Exchange
Commission
(SEC)
Rule
15c3-1
(Uniform
Net
Capital
Rule).
The
City
may
engage
the
services
of
investment
advisory
firms
to
assist
in
the
management
of
the
portfolio
and
investment
advisors
may
utilize
their
own
list
of
approved
broker/dealers.
Such
broker/dealers
will
comply
with
the
selection
criteria
above
and
the
list
of
approved
firms
shall
be
provided
to
the
City
on
an
annual
basis
or
upon
request.
In
the
event
that
an
external
investment
advisor
is
not
used
in
the
process
of
recommending
a
particular
transaction
in
the
City's
portfolio,
authorized
broker/dealers
shall
attest
in
writing
that
they
have
received
a
copy
of
this
Policy
and
each
authorized
broker/dealer
shall
be
required
to
submit
and
annually
update
a
City
approved
Broker/Dealer
Information
Request
form
that
includes
the
firm
's
most
recent
financial
statements.
The
City
may
purchase
commercial
paper
from
direct
issuers
even
though
they
are
not
on
the
approved
broker/dealers
list
as
long
as
they
meet
the
criteria
outlined
in
Item
4 of
the
Authorized
Securities
and
Transactions
section
of
this
Policy
.
COMPETITIVE
TRANSACTIONS
All
investment
transactions
shall
be
conducted
competitively
with
authorized
broker/dealers.
At
least
three
broker/dealers
shall
be
contacted
for
each
transaction
and
their
bid
or
offering
prices
shall
be
recorded.
If
the
City
is
offered
a
security
for
which
there
is
no
other
readily
available
competitive
offering,
then
the
Finance
Manager
will
document
quotations
for
comparable
or
alternative
securities.
SELECTION
OF
BANKS
The
Finance
Manager
shall
maintain
a
list
of
FDIC
insured
banks
approved
to
provide
depository
and
other
banking
services
for
the
City.
To
be
eligible
, a
bank
shall
qualify
as
a
depository
of
public funds
in
the
State
of
California
as
defined
in
California
Government
Code
Section
53630
.5
and
shall
secure
deposits
in
excess
of
FDIC
insurance
coverage
in
accordance
with
California
Government
Code
Section
53652.
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12 January 20, 2026, Item #3
SAFEKEEPING
AND
CUSTODY
The
Finance
Manager
shall
select
one
or
more
banks
to
provide
safekeeping
and
custodial
services
for
the
City.
A
Safekeeping
Agreement
approved
by
the
City
shall
be
executed
with
each
custodian
bank
prior
to
utilizing
that
bank's
safekeeping
services.
Custodian
banks
will
be
selected
based
on
their
ability
to
provide
services
for
the
City's
account
and
the
competitive
pricing
of
their
safekeeping
related
services.
The
purchase
and
sale
of
securities
and
repurchase
agreement
transactions
shall
be
settled
on
a
delivery
versus
payment
basis.
All
securities
shall
be
perfected
in
the
name
of
the
City.
Sufficient
evidence
to
title
shall
be
consistent
with
modern
investment,
banking,
and
commercial
practices. All
deliverable
securities
purchased
by
the
City
will
be
delivered
by
book
entry
and
will
be
held
in
third-party
safekeeping
by
a City
approved
custodian
bank
or
its
Depository
Trust
Company
(OTC)
participant
account.
PORTFOLIO
PERFORMANCE
The
investment
portfolio
shall
be
designed
to
attain
a
market
rate
of
return
throughout
budgetary
and
economic
cycles,
considering
prevailing
market
conditions,
risk
constraints
for
eligible
securities,
and
cash
flow
requirements.
The
performance
of
the
City's
investments
shall
be
compared
to
the
average
yield
on
the
U.S.
Treasury
security
that
most
closely
corresponds
to
the
portfolio's
weighted
average
effective
maturity
.
When
comparing
the
performance
of
the
City's
portfolio,
its
rate
of
return
will
be
computed
net
of
all
fees
and
expenses.
REPORTING
Quarterly,
the
Director
of
Finance
shall
submit
to
the
City
Council
a
report
on
the
investment
earnings
and
performance
results
of
the
City's
investment
portfolio.
The
report
shall
include
the
following
information:
1. Investment
type,
issuer,
date
of
maturity,
par
value
and
dollar
amount
invested
in
all
securities,
and
investments
and
monies
held
by
the
City;
2. A
description
of
the
funds,
investments,
and
programs;
3. A
market
value
as
of
the
date
of
the
report
( or
the
most
recent
valuation
as
to
assets
not
valued
monthly)
and
the
source
of
the
valuation;
4. A
statement
of
compliance
with
the
Investment
Policy
or
an
explanation
for
non
compliance;
and
5. A
statement
of
the
City's
ability
to
meet
expenditure
requirements
for
six
months,
and
an
explanation
of
why
money
will
not
be
available
if that
is
the
case
.
10 of
12 January 20, 2026, Item #3
POLICY
REVIEW
This
Policy
shall
be
reviewed
at
least
annually
to
ensure
its
consistency
with
the
overall
objectives
of
preservation
of
principal,
liquidity,
yield
and
diversification,
and
its
relevance
to
current
law
and
economic
trends.
Amendments
to
this
Policy
shall
be
approved
by
resolution
of
the
City
Council.
SEGREGATION
OF
RESPONSIBILITIES
FUNCTION 1.0
Investment
Policy:
1.1 Preparation
and
annual
review
of
Investment
Policy
1.2 Approval
of
Investment
Policy
2.0 Investment
Transactions:
2.1 Calculation
of
cash
position
2.2 If
applicable,
notify
investment
advisor
of
current
available
cash
to
be
invested
2.3 Investment
recommendation:
Determination
of
amount
to
be
invested,
selection
of
type
of
investment,
and
term
of
investment
2.4 Review
of
investment
recommendation
and
execution
of
transaction
3.0 Recording
of
Transactions
:
3.1 In
investment
subsidiary
ledgers
3.2 In
accounting
records
3.3 Match
investment
confirmation
to
subsidiary
ledgers
4.0 Safeguarding
of
Assets
and
Records:
4.1 Reconciliation
of
subsidiary
records
to
the
accounting
records
4.2 Reconciliation
of
subsidiary
records
to
bank
statements
and
safekeeping
records
4.3 Review
of
financial
institutions
and
investment
brokers'
reputation
and
financial
condition
4.4 Review
of
collaterals
5.0 Investment
portfolio:
5.1 Preparation
of
investment
report
5.2 Review
of
portfolio
for
compliance
with
stated
Investment
Policy
5.3 Approval
of
investment
report
11 of
12 RESPONSI
Bl
LITY
Director
of
Finance/
Oversight
Committee City
Council
Sr.
Accountant/Finance
Mgr
.
Written
approval
by
2 members
of
Oversight
Committee
Investment
Advisor/
Director
of
Finance/Finance
Mgr.
Written
approval
by
member
of
Oversight
Committee
Sr.
Accountant/Accountant
Sr
. Accountant/Accountant
Senior
Accountant
Senior
Accountant
Senior
Accountant
Investment
Advisor/
Oversight
Committee
Investment
Adv./Oversight
Comm.
Senior
Accountant
Oversight
Committee City
Council
January 20, 2026, Item #3
APPROVED BROKER/DEALERS
The following Broker/Dealers are approved for execution of trades.
Broker/Dealers
This list of approved broker/dealers is subject to change at any time based upon periodic recommendations of the investment advisor throughout the year. 12 of 12
Primary dealers or affiliated firms
Barclays Capital
BMO Capital Markets
BNP Paribas Securities
BofA Securities
Cantor Fitzgerald & Co.
Citigroup Global Markets
Daiwa Capital Markets America
Deutsche Bank Securities
Goldman Sachs & Co.
HSBC Securities (USA)
Jefferies
JP Morgan Securities
Mizuho Securities USA
Morgan Stanley & Co.
NatWest Markets Securities
Nomura Securities International
RBC Capital Markets
Santander US Capital Markets
SG Americas Securities
SMBC Nikko Securities America
TD Securities (USA)
UBS Securities
Wells Fargo Securities
Non-primary dealer firms
ANZ Securities
Credit Agricole Securities (USA)
FHN Financial Securities
lnsperex
Keybanc Capital Markets
MUFG Securities Americas
Oppenheimer & Co.
PNC Capital Markets LLC
Raymond James & Associates
Robert W. Baird & Co.
Samuel A. Ramirez & Co.
Scotia Capital (USA)
Stifel Nicolaus & Co.
StoneX Financial
Truist Securities
US Bancorp Investments