AGENDA ITEM REPORT
TITLE:
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AN ORDINANCE REPEALING ORDINANCE NO. 2010-010, AND RESCINDING AN INVESTMENT POLICY FOR THE CITY THAT WAS ATTACHED THERETO, AND APPROVING AND ADOPTING A NEW INVESTMENT POLICY IN ITS PLACE AS ATTACHED TO ORDINANCE NO. 2017-040 AS EXHIBIT “A.” (SECOND READING)(PUBLIC HEARING)
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BACKGROUND:
This item was approved on First Reading at the November 9, 2017, City Commission Meeting.
The proposed Ordinance will repeal Ordinance No. 2010-010 and adopt a new Investment Policy in its place as attached to Ordinance No. 2017-040 as Exhibit “A,” which reflects minor updates to Section IX - Investment Parameters.
DISCUSSION:
The Finance and Administrative Services Department is recommending the following update to Section IX -Investment Parameters of the Investment Policy:
1. Update the required credit ratings for U.S. Treasury and Agency Securities and Government Sponsored Enterprises (GSE); and
2. Increase the maximum portfolio for Intergovernmental Investment Pools from 50% to 80%.
This diversity will allow the City to achieve its overall investment objectives of ensuring the preservation of principal, liquidity of funds, and generation of investment income while minimizing risk.
RECOMMENDATION:
Staff recommends approval of this Ordinance.
FISCAL IMPACT: N/A