CITY OF SAN MATEO
CITY OF SAN MATEO
Agenda Report
City Hall
330 W. 20th Avenue
San Mateo CA 94403
www.cityofsanmateo.org
Agenda Number: 7 Section Name: {{section.name}} Account Number: 10-2011 File ID: {{item.tracking_number}} TO: City Council
FROM: Alex Khojikian, City Manager
PREPARED BY: Finance Department
MEETING DATE: April 15, 2024
SUBJECT:
2024 Annual Investment Policy – Approval
RECOMMENDATION:
Adopt a Resolution to approve the City of San Mateo 2024 Investment Policy BACKGROUND:
The investment of funds by a California local agency, including the types of securities in which an agency may invest, is governed by the California Government Code (Sections 53000-53610). The City’s Investment Policy may be more restrictive than the Government Code; however, it may not be more permissive. Formal investment policies by local agencies are not required by law, but they are considered a best practice to provide guidelines for investing City funds in accordance with the Government Code. The City’s practice is to have the City Council review and approve the policy annually regardless of whether or not there are recommended changes.
The changes to the 2024 Investment Policy are mainly language cleanup to reflect mandates from Senate Bill 1489, which prohibits forward settlement time for trades from exceeding 45 days. Accordingly, the City's Investment Policy, included in Att 2, was updated to ensure compliance with the updated legislation.
BUDGET IMPACT:
Approval of the proposed changes to the City's Investment Policy for 2024 will not have a budgetary impact.
ENVIRONMENTAL DETERMINATION:
This 2024 Investment Policy is not a project subject to CEQA, because it is an organizational or administrative activity that will not result in direct or indirect physical changes in the environment. (CEQA Guidelines Section 15378(b)(5).)
NOTICE PROVIDED
All meeting noticing requirements were met.
ATTACHMENTS
Att 1 - Proposed Resolution
Att 2 - 2024 Investment Police Track Changes
STAFF CONTACT
Karen Huang, Finance Director
[email protected]
(650) 522-7110