HomeMy WebLinkAboutReso 2012-034RESOLUTION NO. 2012-034
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA ACKNOWLEDGING RECEIPT OF COUNCIL
POLICY 220-01, THE CITY OF CHULA VISTA INVESTMENT
POLICY AND GUIDELINES; AND AMENDING THE EXISTING
POLICY
WHEREAS, the City of Chula Vista's "Investment Policy and Guidelines," adopted on
February 22, 2011, by Resolution No. 2011-020 (the Policy), is intended to provide direction for the
prudent investment of temporarily idle cash and to maximize the efficiency of the cash management
process; and
WHEREAS, the stated goal of the Policy is to enhance the economic condition of the City
while ensuring the safety of funds invested; and
WHEREAS, the Policy includes a list of specific investment instruments available pursuant
to California Government Code sections 53600, et. seq.; and
WHEREAS, each investment transaction is made in the context of first ensuring the "safety"
of principal, second, investing only for that timeframe that the cash is not needed for operational
purposes ("liquidity"), and last seeking the highest return possible ("yield")provided that the first two
factors are met; and
WHEREAS, in accordance with Section 18.0 of the Policy, staff has provided the City
Council with a copy of the City's Investment Policy; and
WHEREAS, staff recommends that the Policy be amended to more clearly state the
importance of providing for liquidity in the operation of the City; and
WHEREAS, due to personnel changes and responsibilities, aswell as aneed to provide back-
up staff for critical cashflow and investment functions, an Associate Accountant will be added to the
Policy as an investment officer; and
WHEREAS, the Associate Accountant will be responsible for the day-to-day investment
administration under the general direction of the Assistant Director of Finance, as set forth in the
Policy; and
WHEREAS, the Policy requires authorization from two designated City stafffor the wiring
of any City funds, and the Associate Accountant will be added to the list of City staff so designated;
and
WHEREAS, with the State of California elimination of Redevelopment Agencies, the City
closed the RDA LAIF fund; and
Resolution No. 2012-034
Page 2
WHEREAS, City staff recommends that the Policy be amended to reflect these changes.
NOW, THEREFORE, BE IT RESOLVED by the City Council ofthe City of Chula Vista that
it amends the City Investment Policy and Guidelines, in the form submitted to the City Council, and
on file in the Office of the City Clerk.
Presented by
Maria achadoorian
Director of Finance/Treasurer
Approved as to form by
G en R. gins
Ci ey
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 13th day of Mazch 2012 by the following vote:
AYES: Councilmembers: Aguilaz, Bensoussan, Castaneda, Ramirez and Cox
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
ATTEST:
Donna R. N~ MC, City Clerk
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
CITY OF CHULA VISTA
Cheryl Cox, ayo
I, Donna R. Norris, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2012-034 was duly passed, approved, and adopted by the City Council at a regulaz
meeting of the Chula Vista City Council held on the 13th day of March 2012.
Executed this 13th day of March 2012.
ova Q ~/1~fJu.o
Donna R. Norris, CMC, City Clerk