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 10, 2018, 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 FY2020.

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 the maximum portfolio percentage allowed to be invested in State and Local Government Obligations from 30% to 50% to better reflect the best value and investment opportunity given current and anticipated market conditions.    

• Section VI:
  • Updated the Authorized Broker/Dealers/Financial Institutions/Banks/Investment Pools list as follows:
    • Add:The Baker Group
    • Add: Vining Sparks IBG, LP
    • Remove: First Empire Securities (Acquired by Stifel, Nicolaus & Co., Inc.)
    • Remove: Zions First National Bank Capital Markets  

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

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