Laserfiche WebLink
<br />. <br /> <br />. <br /> <br />. <br /> <br />e <br /> <br />e <br /> <br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br /> <br />Agenda Date Requested: Februa <br /> <br /> <br />Requested By: C nthia B. Alexander <br /> <br />Source of Funds: <br /> <br />Department: Finance <br /> <br />Account Number: <br /> <br />Report: <br /> <br />Resolution: ~Ordinance: <br /> <br />Amount Budgeted: <br /> <br />Exhibits: Investment Policv <br /> <br />Amount Requested: <br /> <br />Exhibits: <br /> <br />Budgeted Item: <br /> <br />YES <br /> <br />NO <br /> <br />Exhibits: <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />The City Council of the City of La Porte originally adopted an Investment Policy on January 13, 1992, by Ordinance <br />No. 1802. The Governmental Accounting Standard's Board (GASB) Pronouncement 31 requires that a City must <br />present the Investment Policy to Council annually. <br /> <br />On January 30, 2003, the Finance Department presented the Investment Report to the Audit Committee. A few <br />changes have been made to the Investment Policy, which are briefly outlined below. <br /> <br />. Authorized Investments - The policy now requires the execution of a "Master Repurchase Agreement" <br />when dealing with repurchase agreements and reverse repurchase agreements. (Page 5) <br />. Insurance or collateral- The collateral requirement has now been increased to 102%. (page 10) <br /> <br />Action Required bv Council: <br /> <br />Recommend that the Council approve the amended Investment Policy. <br /> <br /> <br />City Manager <br />