On June 22, 2021, the City Council adopted Resolution No. 2021-90 approving Legislative Policy No. 1 – Investment Policy, and Resolution No. 2021-109 establishing an Investment Advisory Committee comprised of three representatives of the community. The purpose of an Investment Advisory Committee is to provide professional and technical advice to the City Treasurer that will be used in the determination of the direction and investment composition of the City’s Investment Portfolio.
On September 14, 2021, the City Council adopted Resolution No. 2021-156 amending Resolution No. 2021-109 to establish an alternative member to the Investment Advisory Committee.
On November 15, 2021, the Investment Advisory Committee members held a meeting and reviewed the Investment Policy. At the meeting, the Investment Advisory Committee unanimously requested Section III of the Investment Policy be revised to remove any language that can be a basis for the Investment Advisory Committee be individually liable as they provide professional and technical advice to the City.
Staff recommends the Investment Policy be amended as outlined in Exhibit A to the Resolution. The redlined version of the Investment Policy reflecting the changes is included to this Report as Attachment A.