January 11, 2022
Finance Department
DATE: January 11, 2022
TO: Mayor Butt and Members of the City Council
FROM:
(List all relevant/responsive staff
persons)
Belinda Brown, Finance Director
Delmy Cuellar, Accounting Manager
Subject:
(This will appear on the agenda)
Resolution approving investment policy
FINANCIAL IMPACT: There is no financial impact.
PREVIOUS COUNCIL
ACTION:
(List all dates items were heard or
council action took place)
N/A
STATEMENT OF THE
ISSUE:
The Finance Department is requesting that the City
Council adopt a resolution approving the City's Investment Policy.
RECOMMENDED ACTION:
(This will appear on the agenda)
ADOPT a resolution approving the City of Richmond
Investment Policy Fiscal Year 20 21-2022 – Finance
Department (Belinda Brown 510-620-6740).
AGENDA
REPORT
January 11, 2022
DISCUSSION:
The City of Richmond Investment Policy is an integral part of the Finance Department, setting standards and procedures regarding how the City's funds are invested. The Investment Policy is consistent with the guidelines of the California Municipal Treasurers Association (CMTA) Certification Program. The policy addresses the 19 sections that the Association deems as critical elements, which are as follows:
1. Policy
2. Scope
3. Prudence
4. Objective
5. Delegation of Authority
6. Ethics and Conflicts of Interest
7. Authorized Financial Dealers and Institutions
8. Authorized and Suitable Investments
9. Review of Investment Portfolio
10. Investment Pools/Mutual Funds
11. Collateralization
12. Safekeeping and Custody
13. Diversification
14. Maximum Maturities
15. Internal Controls
16. Performance Standards
17. Reporting
18. Investment Policy Adoption
19. Glossary
The Investment Policy provides for the City to invest public funds in a manner which will provide the highest investment return, with maximum security, while meeting the daily cash flow demands of the City and conforming to all state and local statutes governing the investment of public funds. It further provides that the policy shall be reviewed annually and adopted by resolution of the City Council.
January 11, 2022
DOCUMENTS ATTACHED:
Attachment 1 - Resolution
Attachment 2 - FY2021-22 Investment Policy