Agenda Item Wording:
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Approve Resolution Number 2024-28 adopting the City of Visalia's annually updated Investment Policy and delegating authority to invest funds for the City to the Finance Director/Treasurer for fiscal year 2024-25.
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Deadline for Action: 6/17/2024
Submitting Department: Finance and Technology Services
Contact Name and Phone Number: Jason Montgomery, 4425
Department Recommendation:
Staff recommends that Council take the following actions for fiscal year 2024-25.
1. Approve the annually adopted Investment Policy.
2. Continue to delegate authority of the investment program to the Finance Director/Treasurer, Renee Nagel.
Background Discussion:
The City of Visalia's Investment Policy and the Delegation of Authority to invest funds for the City must be adopted annually. The City's Investment Policy insures the City is investing public funds in a manner which will provide the greatest security with the maximum investment return while meeting the daily cash flow demands of the entity and conforming to all state and local statutes governing the investment of public funds. Staff is recommending that Council adopt the policy for fiscal year 2024-25 which has no changes from the prior year. The Investment Policy is attached.
Authority to manage the City's investment program is derived from the City's Charter. On November 21, 1983, Council delegated responsibility (Resolution 83-96) for the investment program to the Finance Director (Treasurer), who establishes written procedures for the operation of the investment program consistent with this investment policy. Procedures should include: safekeeping, repurchase agreements, wire transfer agreements, banking service contracts, and collateral/depository agreements. Such procedures shall include explicit delegation of authority to persons responsible for investment transactions. No person may engage in an investment transac...
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