Title
Consider approving Resolution No. 2014-065 amending the City's Investment Policy and take appropriate action.
Body
BACKGROUND:
The Texas Public Funds Investment Act and the City's Investment Policy require an annual review by the City Council of the investment strategies and policies of the City. The City's existing policy has provided excellent guidance to City Administration and has been used as a model policy for other government entities. Additionally, the Investment Policy has been recognized with a Certification of Excellence Award by the Municipal Treasurers' Association of the United States and Canada.
DISCUSSION:
The City of Farmers Branch manages and invests its cash consistent with four objectives. The objectives, listed in priority order, are: Safety, Liquidity, Yield, and Public Trust. The safety of principal invested always remains the primary objective. All investments are designed and managed in a manner responsive to the public trust and in accordance with state and local law.
The City's investment portfolio consists primarily of United States Agency, Municipal Bonds and Certificates of Deposits (CDAR) with an average portfolio maturity of eight months and a maximum investment maturity of five years for operating and commingled pools containing operating funds.
City Administration is amending the City's Investment Policy to reflect changes in position titles of members serving on the Investment Committee. No other changes are recommended.
This resolution supports Core Value No. 7 (Fiscally Sound Government).
RECOMMENDATION:
City Administration recommends approving Resolution No. 2014-065 amending the City's Investment Policy.
ACTIONS:
1) Motion to approve Resolution No. 2014-065 amending the City's Investment Policy.
2) Motion to deny Resolution No. 2014-065 amending the City's Investment Policy.
3) Motion to modify Resolution No. 2014-065 to meet the needs of the Council.
4) Motion to table the issue for further study or take no action.
ATTACHMENTS:
1. Resolution No. 2014-065