HomeMy WebLinkAboutReso 2011-020RESOLUTION NO. 2011-020
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA ACKNOWLEDGING RECEIPT OF THE
CITY'S INVESTMENT POLICY AND GUIDELINES; AND
AMENDING SECTION 18.0 OF THE POLICY
WHEREAS, the City's Investment Policy and Guidelines (the "Policy") adopted on March
2, 2010, by Resolution 2010-045 intended to provide direction for the prudent investment of
temporarily idle cash, and for maximizing the efficiency of the cash management process; and
WHEREAS, the stated goal of the Policy is to enhance economic condition of the City
while ensuring the safety of funds invested; and
WHEREAS, the Policy includes a list of specific investment instruments available under the
relevant California Government Code sections, 53600 et seq. and 53635 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, and last, seeking the highest return possible provided that the first two factors are met;
and
WHEREAS, in accordance with Section 17.0 of the Policy, staff has provided the City
Council and City Manager with the quarterly investment report for the quarter ending December
31, 2010; 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, in preparing this item for Council, City staff determined that Section 18.0
should be revised to more clearly state the Policy requirement, and as a result, staff recommends
that Section 18.0 be revised to read as follows:
"18.0 Investment Policy Acknowledgment
Each fiscal year, the Finance Director shall provide a copy of the City's current
Investment Policy and Guidelines to the City Council. By virtue of a resolution of the
City Council of the City of Chula Vista, the Council shall acknowledge the receipt of the
Policy for the respective fiscal year."
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Chula
Vista does hereby acknowledge receipt of the existing City Investment Policy and Guidelines.
BE IT FURTHER RESOLVED that the City Council amends Section 18.0 of the
Investment Policy; a copy of the amended Policy is on file in the Office of the City Clerk.
Resolution No. 2011-020
Page 2
Presented by
~! -~ 4
Maria I chadoorian
Director of Finance/Treasurer
Approved as to form by
Glen R. ogins~
~ orney
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 22nd day of Februayy 2011 by the following vote:
AYES: Councilmembers: Aguilar, Bensoussan, Castaneda, Ramirez and Cox
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
ATTEST:
0/S/~.~~
Donna R. Norris, C, City Clerk
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
CITY OF CHULA VISTA
V ~ e
Cheryl Cox, yor
I, Donna R. Norris, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2011-020 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 22nd day of February 2011.
Executed this 22nd day of February 2011.
~~A~~~~~
Donna R. Noms, CMC, City Clerk