HomeMy WebLinkAboutAgenda Statement 1985/09/24 Item 16 COUNCIL AGENDA STATEMENT
Item 16
Meeting Date 9/24/85
ITEM TITLE: Resolution /2/jk Approving the City of Chula Vista Investment Policy
and Guidelines
SUBMITTED BY: Director of Finance, )
(4/5ths Vote: Yes No X
tEVIEWED BY: City Manage
The attached statement of Investment Policy and. Guidelines was initially submitted
to the City Council on August 20, 1985. At that time, Council approved the Guide-
lines but requested that staff return with additional language indicating a local
preference regarding the investment of City funds.
tECOMMENDATION:
That the City Council adopt the resolution approving the Investment Policy.
30ARDS/COMMISSIONS: Not Applicable.
)ISCUSSION:
The City of Chula Vista has had an informal policy in the past of "spreading
around" the City's investments into local financial institutions as much as
possible. The City Council requested that staff formalize this policy by
incorporating language into the City's Investment Policy and Guidelines that
will give local financial institutions preferential consideration but not
unduly handicap staff in making prudent investment decisions .
To that effect, staff has added the following language to the Investment Policy
and Guidelines under Section 5 - DIVERSIFICATION:
"Local financial institutions will be given preferential consideration
for investment of City funds consistent with the City's objective of
attaining market rates of return, and consistent with constraints ,
imposed by its safety objectives , cash flow considerations and State
laws."
The above language will allow the flexibility to give preference to local
financial institutions without locking us into an unwise commitment or
investment.
FISCAL IMPACT: None. _�...�..
of
;tr mia
rm A-113 (Rev. 11/79)