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REQUEST FOR CITY COUNCIL AGENDA ITEMREQUEST FOR CITY COUNCIL AGENDA ITEM <br />November 10, 2014November 10, 2014AppropriationAppropriation <br />Agenda Date Requested:Agenda Date Requested: <br />Source of Funds:Source of Funds: <br />S. Wolny S. Wolny <br />Requested By: <br />Account Number:Account Number: <br />Finance Finance <br />Department: <br />Amount Budgeted:Amount Budgeted: <br />Report:Resolution:Resolution:Ordinance:Ordinance: <br />Amount Requested:Amount Requested: <br />Other: <br />Budgeted Item:Budgeted Item:YESYESNONO <br />Attachments :Attachments : <br />1. Resolution1. Resolution <br />2. Investment Policy2. Investment Policy <br />SUMMARY & RECOMMENDATIONSSUMMARY & RECOMMENDATIONS <br />The City Council of the City of The City Council of the City of La PorteLa Porte originally adopted an Investment Policy on January 13, 1992, by originally adopted an Investment Policy <br />on January 13, 1992, by <br />Ordinance No. 1802.Ordinance No. 1802.    The Investment Policy governs how the City will invest the CityThe Investment Policy governs how the City will invest the City’’s funds and <br />outlines s funds and outlines <br />administrative and legal guidelines for the Investment Officers to follow for the preservation of capital.administrative and legal guidelines for the Investment Officers to follow for <br />the preservation of capital.    The The <br />Public Funds Investment Act requires that a City must present the Investment Policy to Council annually for Public Funds Investment Act requires that a City must present the Investment <br />Policy to Council annually for <br />review or amendment.review or amendment.    <br /> The policy has been updated to reflect changes that were made to the Public Funds Investment Act during the The policy has been updated to reflect changes that were made to the Public <br />Funds Investment Act during the <br />last update.Additions have been highlighted in the policy and are summarized as follows:Additions have been highlighted in the policy and are summarized as follows: <br />   <br />1.Investment strategy has been added to the Objectives Section. (page 2)Investment strategy has been added to the Objectives Section. (page 2) <br />      <br />2.The Responsibility and Control Section (page 2) has been expanded regarding oversight responsibility of The Responsibility and Control Section (page 2) has been expanded regarding <br />oversight responsibility of <br />      <br />the   Fiscal Affairs Committee and the City Manager.the   Fiscal Affairs Committee and the City Manager. <br />3.The Monitoring Section has been expanded (page 4) to include:The Monitoring Section has been expanded (page 4) to include: <br />      <br />a.Monitoring of credit ratings for investmentsMonitoring of credit ratings for investments <br />      <br />b.Monitoring FDIC status for mergers and acquisitions regarding CDsMonitoring FDIC status for mergers and acquisitions regarding CDs <br />      <br />4.Brokered CDs have been added under the allowable investments. (page 5)Brokered CDs have been added under the allowable investments. (page 5) <br />      <br />5.Wording regarding depository contracts and collateral has been added to the Selection of Financial Wording regarding depository contracts and collateral has been added to the Selection <br />of Financial <br />      <br />Institutions. (page 6)Institutions. (page 6) <br />6.Items Q and R have been added to the Management and Internal Controls Section.Items Q and R have been added to the Management and Internal Controls Section.    These items address <br />These items address <br />      <br />the monitoring of credit ratings and FDIC status for institutions and mergers for brokered CDs.the monitoring of credit ratings and FDIC status for institutions and mergers for brokered <br />CDs.    (page 8)(page 8) <br /> <br />