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REQUEST FOR CITY COUNCIL AGENDA ITEM <br />Agenda Date Requested: November 13, 2017 Appropriation <br />Requested By: Shelley Wolny, Treasurer____ Source of Funds: ____________________ <br />Department: Finance_____________________ Account Number: ____________________ <br />Amount Budgeted: ___________________ <br />Report: __ _ Resolution: _X Ordinance: _ _ <br />Amount Requested: __________________ <br />Exhibits: _ Resolution __ ___ __ <br /> Budgeted Item: YES NO <br />Exhibits: _ Investment Policy _____________ <br />Exhibits: ______________________ _________ <br />SUMMARY & RECOMMENDATION <br />The City Council of the City of La Porte originally adopted an Investment Policy on January 13, 1992, by <br />Ordinance No. 1802. The Investment Policy governs how the City will invest the City’s funds and outlines <br />administrative and legal guidelines for the Investment Officers to follow for the preservation of capital. <br />The Public Funds Investment Act requires that a City must present the Investment Policy to Council <br />annually for review or amendment. The policy was last reviewed on December 12, 2016. <br />On November 13, 2017, the Finance Department presented the Investment Policy to the Fiscal Affairs <br />Committee for review. Based on 2017 PFIA Legislative update, staff is proposing the following changes <br />to the City’s investment policy. <br />Section 2256.009 has been amended to include interest-bearing banking deposits that are <br />guaranteed or insured by: (A) the Federal Deposit Insurance Corporation or its successor; or (B) <br />the National Credit Union Share Insurance Fund or its successor. <br />Updated language for Section 2256.010 to read “depository institution that has its main office or <br />branch office in Texas. <br />Revised language in Section 2256.014 of the Government Code regarding no-load money market <br />mutual funds. <br />Revised language in Section 2256.016 regarding local government investment pools. <br />Updated language for the selection of financial institutions to include Financial Industry Regulatory <br />Authority (FINRA) certification. <br />Action Required by Council: <br />Recommend that the Council receive and approve/reaffirm the Investment Policy by resolution. <br />Approved for City Council Agenda <br />____________________________________ _______________________ <br />Corby D. Alexander, City Manager Date <br /> <br />