Title
Consider/Discuss/Act on a Resolution Adopting the Investment Policy for Fiscal Year 2017-2018
Summary
COUNCIL GOAL: Financially Sound Government
MEETING DATE: November 7, 2017
DEPARTMENT: Financial Services
CONTACT: Mark Holloway, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
• Adopt the Fiscal Year 2017-2018 Investment Policy.
ITEM SUMMARY:
• Annual review of the City’s investment policy is required to comply with the Public Funds Investment Act, Chapters 2256 & 2257 of the Texas Local Government Code.
• Suggested changes to the policy include:
O Various formatting changes
O Update the title of the Director of Finance
O Include the National Credit Union Share Insurance Fund as an acceptable form of collateralization for bank deposits and certificates of deposit
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 2016-2017 was approved by City Council on September 16, 2016.
FINANCIAL SUMMARY: N/A
BOARD OR COMMISSION RECOMMENDATION: N/A