SUBJECT:
Action regarding Resolution No. 2022-21, Annual Approval of Investment Policy
BACKGROUND/DISCUSSION:
Chapter 2256 of the Government Code, also known as the Pubic Funds Investment Act" requires the City to have a written investment policy that must be reviewed annually by the governing body. Attached is a copy of the City of Saginaw Investment Policy which was last revised September 7, 2021. The investment policy has been reviewed by the Investment Committee, which is comprised of the Mayor, City Manager, Finance Director, and Finance Manager. The committee has made the following revisions to the policy: Replacing the term Comprehensive Annual Financial Report with Annual Comprehensive Financial Report; substituting the Financial Analyst for the Finance Manager; and correcting the subsequent training requirement to be eight hours instead of ten hours. The Investment Committee recommends approval of the resolution approving the revised investment policy.
FINANCIAL IMPACT:
N/A
RECOMMENDATION:
The Investment Committee recommends approval of Resolution No. 2022-21, annual approval of the Investment Policy. |