1992-01-13 Regular Meeting - Laserfiche WebLink

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REQUEST FOR CITY COUNCIL AGENDA ITEM AGENDA DATER UESTED January 13, 1992 REQUESTED Jeff Litchfield DEPARTMENT Director of Finance REPORT RESOLUTION XX ORDINANCE EXHIBITS: Ordinance 1802 Public Funds Investment Act of 1987 SUMMARY AND RECOMMENDATION The 1991-92 fiscal year Budget included the addition of a new position to help manage the City's cash and investment portfolio. That individual is now on board. In order for us to properly manage our idle cash, the City needs a formal Investment Policy. The document attached to Ordinance 1802 is the proposed Investment Policy for the City of La Porte. The policy follows the guidelines established by the Public Funds Investment Act of 1987, as well as amendments through the 1991 legislative session. The primary objective of the policy is to provide safe and liquid investments for the City while obtaining the highest possible yield. The policy calls for oversight responsibility by the City Manager and the Audit Committee and includes sections on eligible investments, procurement, diversification, selection of banks and dealers, safekeeping and custody, and management and internal controls. The document has been through an internal review which included the City Manager and the City Attorney. It has also been reviewed and approved by our financial advisors, Moroney & Beissner and our audit firm, Null & Associates. We believe that the City of La Porte has a responsibility to its taxpayers to make prudent use of the funds they have entrusted to our care. One method of meeting this responsibility is to assure that the City maximizes its income by capitalizing on favorable interest bearing instruments. ACTION REQUIRED BY COUNCIL: Adopt or deny the passage of Ordinance 1802. AVAILABILITY OF FUNDS: GENERAL FUND UTILITY FUND OTHER ACCOUNT NUMBER: N/A FUNDS AVAILABLE YES NO APPROVED FOR CITY COUNCIL AGENDA ~• 1-8'q~ ROBERT T HERRERA DATE CITY MANAGER