AGENDA ITEM REPORT
TITLE:
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AN ORDINANCE REPEALING ORDINANCE NO. 2017-040 AND RESCINDING THE INVESTMENT POLICY FOR THE CITY THAT WAS ATTACHED THERETO; AND ADOPTING A NEW INVESTMENT POLICY IN ITS PLACE, ATTACHED TO ORDINANCE NO. 2024-010 AS EXHIBIT “A.” (FIRST READING)
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BACKGROUND:
The City recently engaged the services of a qualified investment advisor, Public Trust Advisors (PTA). Following a comprehensive review of the City’s investment policy, PTA has recommended the adoption of a new investment policy to better align the City’s investment strategy with our current financial objectives. The proposed ordinance will repeal Ordinance No. 2017-040 and adopt a new Investment Policy in its place as attached to this ordinance as Exhibit “A.”
DISCUSSION:
The new investment policy maintains the primary objectives of the old investment policy: safety of principal, maintenance of liquidity, return on investment, and transparency; however, the entire document has been revamped to ensure compliance with the latest applicable standards.
Substantive changes include language ensuring investment decisions are based solely on pecuniary factors in compliance with Florida Statutes Section 218.415(24)(a) and better defined investment parameters for the composition of the City’s investment portfolio.
This updated investment policy will enhance the City’s ability 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