Item Coversheet

CITY COUNCIL AGENDA COMMUNICATION
AGENDA DATE:July 10, 2018
SUBJECT:

Adopt a Resolution Amending the City's Investment Policy Governing the Investment of Municipal Funds.

STAFF RESOURCE:

Eric Cannon, Chief Financial Officer

PREVIOUS COUNCIL ACTION:

On July 11, 2017, City Council adopted Resolution No. 3494-7-17(R) amending the Investment Policy.

ACTION PROPOSED:

Adopt a Resolution Amending the City's Investment Policy Governing the Investment of Municipal Funds.




BACKGROUND

Texas Government Code - Section 2256.005 (e) requires annual re-adoption of the City's Investment Policy. The City Council previously re-adopted the Investment Policy at the July 11, 2017, City Council meeting.

 

Current investment officers for the city are the Chief Financial Officer; the Assistant Chief Financial Officer; and the Controller. The investment officers are required to attend state mandated training once every two years. Training will be required in FY2019.

 

The City is required to annually review the investment policy and make revisions as needed. The investment policy is now being presented to City Council for re-adoption to reflect the following changes:

 

  • Section IV:
    • Updated language to clarify that insured certificates of deposit (CD's) are authorized investments.    

 

  • Section VI:
    • Updated the Authorized Broker/Dealers/Financial Institutions/Banks/Investment Pools list as follows:
      • Add: Cantor Fitzgerald & Co.
      • Add: Independent Bank
      • Add: Interbank
      • Add: Southside Bank Remove: Viewpoint Bank

STAFF RECOMMENDATION

Staff recommends that the City Council adopt a resolution amending the City's Investment Policy governing the investment of municipal funds.


MOTION

I make a motion to adopt Resolution No. ____________ amending the city's Investment Policy governing the investment of municipal funds.



ATTACHMENTS:
Description
Resolution