HomeMy WebLinkAboutReso 2023-024 DocuSign Envelope ID:C4FA561D-C05F-472F-A88C-3C8762194591
RESOLUTION NO. 2023-024
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, DELEGATING INVESTMENT
ACTIVITY AUTHORITY TO THE DIRECTOR OF
FINANCE/TREASURER, AND ACCEPTING THE
INVESTMENT REPORT FOR THE QUARTER ENDING
DECEMBER 31, 2022
WHEREAS, the City of Chula Vista's "Investment Policy and Guidelines," amended on
March 1, 2022, by Resolution No. 2022-052 (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 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 Policy and is not recommending any changes to the Policy at this time;
and
WHEREAS, as of the quarter ending December 31, 2022, the Weighted Average Maturity
of the Managed Investment Portfolio was 2.06 years,which is a decrease from 2.07 years the prior
quarter and is within the Council Policy; and
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; and
WHEREAS, City staff has prepared, and provided the City Council with, a copy of the
City's Investment Report for the quarter ending December 31, 2022.
DocuSign Envelope ID:C4FA561D-C05F-472F-A88C-3C8762194591
Resolution No. 2023-024
Page No. 2
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista
that it:
• Acknowledges receipt of Council Policy 220-01, the City of Chula Vista Investment Policy
and Guidelines;
• Delegates the authority to conduct and supervise the investment activities of the City to the
Director of Finance/Treasurer; and
• Accepts the Investment Report for the quarter ending December 31, 2022.
[SIGNATURES ON THE FOLLOWING PAGE]
DocuSign Envelope ID:C4FA561D-C05F-472F-A88C-3C8762194591
Resolution No. 2023-024
Page No 3
Presented by Approved as to form
DocuSigned by: DocuSigned by:
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Sarah Schoen Jill D.S. Maland
Director of Finance/Treasurer Lounsbery Ferguson Altona &Peak
Acting City Attorney
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 7th day of March 2023 by the following vote:
AYES: Councilmembers: Cardenas, Chavez, Gonzalez, Preciado, and McCann
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
DocuSigned by:
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John McCann, Mayor
ATTEST:
DocuSigned by:
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Kerry K. Bigelow, MMC, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
1, Kerry K. Bigelow, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2023-024 was duly passed, approved, and adopted by the City Council at a regular
meeting of the Chula Vista City Council held on the 7th day of March 2023.
Executed this 7th day of March 2023.
DocuSigned by:
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Kerry K. Bigelow, MMC, City Clerk