Agenda Item Wording:
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Authorize Investment Authority - Approve Resolution Number 2025-44 adopting the City of Visalia's annually updated Investment Policy and delegate authority to invest funds for the City to the Finance Director/Treasurer for fiscal year 2025-26.
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Prepared by: Jason Montgomery, Finance Manager jason.montgomery@visalia.gov, 713-4425. Renee Nagel, Director of Finance and Technology, renee.nagel@visalia.gov, 713-4375.
Department Recommendation: Staff recommends that Council approve and adopt the annually updated Investment Policy for fiscal year 2025-26 and continue to delegate authority of the investment program to the Finance Director/Treasurer, Renee Nagel.
Summary:
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 daily cash flow demands 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 2025-26 which has no changes from the prior year. The Investment Policy is attached.
Background Discussion:
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 transaction except as provided unde...
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