HomeMy WebLinkAboutReso 2017-078RESOLUTION NO. 2017-078
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA ACKNOWLEDGING RECEIPT OF, AND
AMENDING, COUNCIL POLICY NO. 220-01, THE CITY OF
CHULA VISTA INVESTMENT POLICY AND GUIDELINES;
AND DELEGATING INVESTMENT ACTIVITY AUTHORITY
TO THE DIRECTOR OF FINANCE/TREASURER
WHEREAS, the City of Chula Vista's "Investment Policy and Guidelines," adopted on
March 15, 2016 by Resolution No. 2016-046 (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. seg. and 53635; 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 specify the minimum credit
rating category by investment type required at purchase, pursuant to Government Code section
53601, as amended effective January 1; 2017; and
WHERE/S, staff recommends that Section 9.0 (Authorized & Suitable Investments) of
the Policy be amended to reflect the revision in the reporting requirement; and
WHEREAS, City staff recommends that the Policy be amended to reflect these changes;
WHEREAS, pursuant to California Government Code section 53607, the City Council
may delegate the authority to conduct investment activities of the City to the Finance
Director/Treasurer on an annual basis.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista
that:
Resolution No. 2017-078
Page No. 2
• It acknowledges receipt of Council Policy No. 220-01, the City of
investment policy and guidelines
• Amends the existing policy as reflected in Exhibit 1; and
• Delegates the authority to conduct and supervise the investment activities
the Director of Finance/Treasurer.
Presented by
David Bilby, MSBA, O
Director of Finance/Treasurer
Approved as to form by
Chula Vista
of the City to
len R. Go gins
.ty Attorney
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 23rd day of May 2017 by the following vote:
AYES: Councilmembers: Diaz, McCann, and Padilla
NAYS: Councilmembers: None
ABSENT: Councilmembers: Aguilar and Salas
J Cann, Deputy Mayor
ATTEST:
�-
Donna R. Norris, CMC, City Clerk
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
CITY OF CHULA VISTA
I, Donna R. Norris, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2017-078 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 23rd day of May 2017.
Executed this 23rd day of May 2017.
/
Donna R. Norris, C, ity Clerk