File #: 22-0385    Version: 1 Name: Approval of City Investment Policy
Type: Agenda Item Status: Approved
File created: 8/8/2022 In control: Finance
On agenda: 8/23/2022 Final action: 8/23/2022
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)
Attachments: 1. Data Sheet, 2. Proposed Resolution, 3. Exhibit A - 2022 Investment Policy, 4. Investment Policy - Redline Version

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