ACTION:
____________________________
Clerk/Secretary
Department: Finance Item No: C1
Prepared by: Matt McDonald, Assistant Director Meeting Date: June 09, 2026 Approved by:
Mike Sylvia, Director/Treasurer
John Conley, City Manager Agenda Location: Consent Calendar S
UBJECT: DELEGATION OF INVESTMENT AUTHORITY TO THE CITY TREASURER FOR FISCAL YEAR 2026/27
RE
COMMENDATION:
1. Adopt City Council Resolution No. 2026- , delegating investment authority to the City Treasurer for Fiscal Year 2026/27, per City Council policy 700-07.
2. Adopt Resolution No. 2026- authorizing the investment of monies in the Local Agency Investment Fund (LAIF) and rescinding Resolution No. 2003-115.
CO
RRELATION TO CITY COUNCIL GOALS: Fiscal Responsibility.
P
RIOR ACTION: On June 10, 2025, adopted City Council Resolution No. 2025-96, delegating Investment Authority to the City Treasurer for Fiscal Year 2025/26, per City Council Policy 700-07 (Vote: 5-0).
O
n May 27, 2003, adopted City Council Resolution No. 2003- 115, authorizing the Investment of Monies in the Local Agency Investment Fund (LAIF) and rescinding Resolution No. 77 -36 (Vote: 4- 0, Campbell absent).
A
complete list of prior actions is included in Exhibit.
S
TATEMENT ON THE SUBJECT: City Council Policy 700 -07, Investment of City Funds, governs the investment of City funds in accordance with California law and City Council policy. California Government Code Section 53607 authorizes the City Council to delegate its investment authority to the City Treasurer for a one-year period, including the authority to invest or reinvest City funds and to sell or exchange securities purchased. The City Council may renew this delegation annually.
The I
nvestment Advisory Committee (IAC) includes Mayor Franklin, the City Manager, the City Attorney, and four community representatives qualified by education, training, experience, or background to provide oversight on financial investment matters. The IAC met on May 6, 2026, and recommended that the City Council delegate investment authority to the City Treasurer for Fiscal Year 2026/27.
Thi
s is an annually recurring item. Each year, City staff and PFM, the City’s investment advisor, review the Policy and recommend any necessary updates for IAC and City Council consideration. For FY 2026/27, the City Treasurer and IAC recommend updating the Policy’s Authorized Investments subsection for Commercial Paper to reflect changes to California Government Code Section 53601 that became effective AGENDA
REPORT
CITY COUNCIL
COMMUNITY DEVELOPMENT COMMISSION
SUCCESSOR AGENCY
BUENA SANITATION DISTRICT
JOINT POWERS FINANCING AUTHORITY
Approved above recommendation, adopted the following: 1) City Council Resolution No. 2026-95.
Vote: 5-0; 2) City Council Resolution No. 2026-96. Vote: 5-0