CITY OF SAN MATEO
RESOLUTION NO. ___ (2024)
ADOPTING THE INVESTMENT POLICY FOR THE CITY OF SAN MATEO WHEREAS, investment policies guide staff and their advisors for all investment activities on behalf of cities; and
WHEREAS, those investment activities are primarily governed by the individual city’s adopted investment policies and by California state law (Government Code sections 53600-53610); and WHEREAS, the Investment Policy for the City of San Mateo is consistent with state law and, for the purpose of added safety and liquidity, is more restrictive than state law; and WHEREAS, Government Code section 53646 requires annual review and approval of a city’s investment policy only if there are changes, however it encourages cities to conduct an annual review and approval process even if there are no proposed changes; and WHEREAS, recognizing the importance of the City’s Investment Policy, staff proposes to continue the annual Council review and approval process even if there are no proposed changes; and WHEREAS, the Investment Advisory Committee concurs with staff’s recommendation to adopt the 2024 Investment Policy;
NOW, THEREFORE, THE SAN MATEO CITY COUNCIL HEREBY RESOLVES that:
1. In accordance with California Quality Act Guidelines section 15378(b)(5), this activity is not a project subject to CEQA in that it can be seen with certainty that it won’t have a significant impact on the environment.
2. The 2024 Investment Policy for the City is hereby adopted.