DATE: June 20, 2023
DEPARTMENT: Finance
FROM: Mark Roberts, Director of Finance
TITLE: INVESTMENT POLICY ADOPTION
Recommended Motion:
Staff recommends the City Council approve a resolution adopting the City of Salinas Investment Policy as amended.
Background:
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:
The recommended Investment Policy amendments are intended to enhance the internal controls applicable to the City’s invested assets and to allow for greater diversification of the City’s investment portfolio, which is expected to increase returns without significant additional credit or interest rate risk. Therefore, adoption of the recommended resolution would achieve the City Council 2022-2025 Strategic Goal of Effective Government.
Fiscal and Sustainability Impact:
The amended Investment Policy, if adopted, is expected to increase returns on the City’s investments without significantly increasing credit or interest rate risk.
Attachments:
Exhibit A – Investment Policy (Original)
Exhibit B – Investment Policy (Draft)
Exhibit C – Investment Policy (Final)
Resolution
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CITY OF SALINASCOUNCIL STAFF REPORTCITY OF SALINASCOUNCIL STAFF REPORT
CITY OF SALINAS
COUNCIL STAFF REPORT
CITY OF SALINAS
COUNCIL STAFF REPORT