HomeMy WebLinkAbout0008_1_Staff Report - 2016 Investment Policy
REPORT TO CITY COUNCIL
TO: HONORABLE MAYOR
AND MEMBERS OF THE CITY COUNCIL
FROM: GRANT M. YATES
CITY MANAGER
DATE: JUNE 14, 2016
SUBJECT: ANNUAL ADOPTION OF INVESTMENT POLICY
Recommendation
Approve the 2016 Investment Policy.
Background
Under Government Code Section 53646(a), the City’s Investment Policy should be reviewed and
adopted by City Council annually.
Discussion
The investment policy is reviewed annually by the City’s investment advisor, PFM Asset
Management LLC (PFM) and the City Treasurer. The recommendations made by PFM have
been incorporated in this year’s investment policy. A copy of the memorandum from PFM noting
their evaluation and recommendations is included with this report.
The City Treasurer has reviewed and finds no objection to the revised Investment Policy that
conforms well within that allowed by the California Government Code. The policy has all required
elements as outlined in the Model Investment Policy of the Municipal Treasurers’ Association of
the United States & Canada.
Fiscal Impact
No fiscal impact.
Annual Adoption of Investment Policy
June 14, 2016
Page 2
Prepared by: Nancy L. Lassey
Finance Administrator
Approved by: Jason P. Simpson
Director of Administrative Services
Approved by: Grant M. Yates
City Manager
Attachments:
City of Lake Elsinore Investment Policy June 2016
PFM Asset Management LLC (PFM) Memorandum of Investment Policy
Recommendations