Title
Consider/Discuss/Act on a Resolution Adopting the Investment Policy for Fiscal Year 2013-2014
Summary
MEETING DATE: November 5, 2013
DEPARTMENT: Finance
CONTACT: Rodney Rhoades, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
· Adopt the Fiscal Year 2013-2014 Investment Policy
ITEM SUMMARY:
· Annual review of the City's investment policy is required to comply with the state statute, Public Funds Investment Act, Chapters 2256 & 2257 of the Texas Government Code.
· Changes to the policy include:
○ Cleanup wording placement (Page 6)
○ Eased bidding restrictions on specific municipal securities to enable Investment Officers the ability to take advantage of time sensitive purchases made by brokers that require confirmed orders to secure place bids(Page 8)
○ Added specific collateral, already allowed by the Public Funds Investment Act, to be pledged against certificates of deposit (Page 9)
BACKGROUND INFORMATION:
· As required by the Public Funds Investment Act, the City's investment policy must be approved by the City Council annually.
· The Investment Policy for Fiscal Year 2012-2013 was approved by City Council on September 18, 2012.
FINANCIAL SUMMARY: N/A
BOARD OR COMMISSION RECOMMENDATION: N/A