Title
Consider and take action on a resolution approving the City of League City’s Investment Policy, Investment Strategies, List of Authorized Broker/Dealers and Safekeeping/Custodial Agents for the City of League City (Director of Finance)
Background:
This agenda item will authorize the 2022 Investment Policy for the City of League City.
Pursuant to the Public Funds Investment Act (PFIA), Texas Government Code, 2256, the governing body of an investing entity covered by the Act is required to review and approve the entity’s investment policies annually. The City’s policy was last approved on August 24, 2021.
The recommended changes to the policy which were approved by the Finance Committee on August 15, 2022: Removed Assistant Controller and Added Revenue Manager.
In August 2021, the City received recertification from the Government Treasurers’ Organization of Texas (GTOT) that the policy meets the requirements of the PFIA and the standards for prudent public investing established by GTOT. This is a two-year certification. Staff plans to reapply for certification in 2022 and believes that the proposed policy is in compliance with GTOT standards and PFIA requirements.
Attachments:
1. Data Sheet
2. Proposed Resolution
3. Exhibit A - 2022 Investment Policy
4. Investment Policy - Redline Version
FUNDING
{ } Funds are available from Account #________
{ } Requires Budget Amendment to transfer from Account #______ to Account #______
{x} NOT APPLICABLE
STRATEGIC PLANNING
{ } Addresses Strategic Planning Critical Success Factor # ______ and Initiative # ______
{x} NOT APPLICABLE