SUBJECT:
Action regarding Resolution No. 2020-21, Annual Approval of Investment Policy
BACKGROUND/DISCUSSION:
Chapter 2256 of the Government Code, also know as the "Public 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 3, 2019. The investment policy has been reviewed by the Investment Committee, which is comprised of the Mayor, the City Manager, the Assistant City Manager, and the Finance Director. The committee has determined that no revisions to the policy are necessary. The Investment Committee recommends approval of the resolution approving the investment policy with no revisions.
FINANCIAL IMPACT:
N/A
RECOMMENDATION:
The Investment Committee recommends approval of Resolution No. 2020-21, annual approval of the Investment Policy. |