Report to Mayor and City Council
Tuesday, March 06, 2018
Discussion
SUBJECT:
Title
CONSIDER THE ANNUAL STATEMENT OF INVESTMENT POLICY- CITY OF CARSON, CARSON SUCCESSOR AGENCY AND CARSON HOUSING AUTHORITY (CITY COUNCIL)
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I. SUMMARY
This matter was continued from the February 20, 2018 City Council meeting. In accordance with the requirements of California Government code section 53600, The Statement of Investment Policy is being presented for the annual review and adoption by the City Council.
The investment policies and practices are based upon Federal, State, and local law and prudent money management. The city treasurer in collaboration with the investment advisor reviewed the investment policy and determined no changes were necessary at this time. If modifications are required during the year, the investment policy will be brought back before the mayor and council for review and approval.
II. RECOMMENDATION
Recommendation
APPROVE and ADOPT the amended Statement of Investment Policy
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III. ALTERNATIVES
TAKE another action the Council deems appropriate.
IV. BACKGROUND
The Statement of Investment Policy establishes the prudent investment of funds and provides guidelines for suitable investments. This investment policy covers the investment of the following entities: City of Carson/Carson Housing Authority and Carson Successor Agency. It is the policy of the City of Carson/Housing Authority and Successor Agency to invest funds not required for immediate day-to-day operations in safe and liquid investments while conforming to all state statues governing the investment of public funds. The ultimate goal is to enhance the economic status of the City, Housing Authority and Successor Agency while protecting its funds.
V. FISCAL IMPACT
None
VI. EXHIBITS
Exhibit No. 1 - Statement of Investment Policy. (pgs. 3 - 15)
Prepared by: Monica Cooper, City Treasurer