File #: 2023-0446    Version: 1 Name:
Type: Consent Status: Agenda Ready
File created: 6/5/2023 In control: City Council
On agenda: 6/20/2023 Final action:
Title: CONSIDER THE ANNUAL STATEMENT OF INVESTMENT POLICY- CITY OF CARSON, FORMER CARSON SUCCESSOR AGENCY AND CARSON HOUSING AUTHORITY
Attachments: 1. Investment Policy 2023
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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Report to Mayor and City Council

Tuesday, June 20, 2023

Consent

 

 

SUBJECT:                     

Title

CONSIDER THE ANNUAL STATEMENT OF INVESTMENT POLICY- CITY OF CARSON, FORMER CARSON SUCCESSOR AGENCY AND CARSON HOUSING AUTHORITY

 

Body

I.                     SUMMARY

In accordance with California Government code section 53600, The Statement of Investment Policy is being presented for review and adoption by the City Council.

 

II.                     RECOMMENDATION

Recommendation

APPROVE Statement of Investment Policy

 

Body

III.                     ALTERNATIVES

TAKE another action the Council deems appropriate.

                     

IV.                     BACKGROUND

The Statement of Investment Policy establishes the prudent investment of reserve revenue and provides guidelines for suitable investments. The investment policy covers the investments of the following entities:  City of Carson/Carson Housing Authority and the former Carson Successor Agency. Revenue not utilized for the day-to-day operation of each Carson entity must be invested in safe and liquid investments, while conforming to all state statues governing the investment of public funds.  The goal is to enhance the economic status of the City, Housing Authority and former Successor Agency while protecting its funds.  The investment policies and practices are based upon state law and prudent money management. The City of Carson investment policy was modified to increase the state of California Local Agency Investment Fund maximum deposit from 65 million to 75 million.

 

 

V.                     FISCAL IMPACT

NoneVI.                     EXHIBITS

1.                     Exhibit No. 1 - Statement of Investment Policy. (pgs. 3 - 14)

 

Prepared by:  Monica Cooper, City Treasurer