Title
Consider/Discuss/Act on a Resolution Adopting the Investment Policy for Fiscal Year 2012-2013
Summary
MEETING DATE: September 18, 2012
DEPARTMENT: Finance
CONTACT: Rodney Rhoades, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
· Adopt the Fiscal Year 2012-2013 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 as revised by House Bill 2226.
· Changes to the policy include:
o Changed Finance Director title to Chief Financial Officer
o Exempts Other Post Employment Benefit (OPEB) Fund from the guidelines due to extended measurement focus
o Specifies Investment & Treasury Manager as an Investment Officer
o Clarifies how soon a new Investment Officer should receive required training
o References the specific chapter of the Local Government Code relating to collateralization for public funds
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 2011-2012 was approved by City Council on October 18, 2011.
FINANCIAL SUMMARY: N/A
BOARD OR COMMISSION RECOMMENDATION: N/A