CITY OF SALINAS
FINANCE COMMITTEE STAFF REPORT
______________________________________________________________________________ Date: June 6, 2023
Department: Finance
From: Mark Roberts, Director of Finance
Title: Investment Policy ADOPTION
RECOMMENDATION:
Staff requests the Finance Committee recommend the City Council adopt a resolution adopting the Investment Policy for the City of Salinas.
EXECUTIVE SUMMARY:
City of Salinas Investment Policy Section 11.C requires the City’s investment policy be reviewed at least annually and, as necessary, adopted by the City Council. Following review by staff and consultation with the City’s investment advisor, Chandler Asset Management, staff recommends amendment of the Investment Policy as reflected in the attachments to this staff report.
CEQA CONSIDERATION:
Not a Project. The City of Salinas has determined the proposed action is not a project as defined by the California Environmental Quality Act (CEQA) (CEQA Guidelines Section 15378).
STRATEGIC PLAN INITIATIVE:
Given the importance of establishing and maintaining strong internal controls, adoption of the recommended resolution achieves the City Council 2022-2025 Strategic Goal of Effective Government.
FISCAL AND SUSTAINABILITY IMPACT:
There is no fiscal impact associated with approval of the recommended action.
ATTACHMENTS:
Exhibit A – Investment Policy – Original
Exhibit B – Investment Policy – Draft
Exhibit C – Investment Policy – Final