Laserfiche WebLink
REQUEST FOR FISCAL AFFAIRS COMMITTEE AGENDA ITEMREQUEST FOR FISCAL AFFAIRS COMMITTEE AGENDA ITEM <br />October 27, 2014October 27, 2014AppropriationAppropriation <br />Agenda Date Requested:Agenda Date Requested: <br />N/A N/A <br />S. Wolny S. Wolny Source of Funds:Source of Funds: <br />Requested By:Requested By: <br />N/A N/A <br />Finance Finance Account Number:Account Number: <br />Department: <br />N/A N/A <br />Amount Budgeted:Amount Budgeted: <br />Report:Resolution:Resolution:Ordinance:Ordinance: <br />N/A N/A <br />Amount Requested:Amount Requested: <br />Exhibits: <br />Budgeted Item:Budgeted Item:YESYESNONO <br />1. Investment Policy1. Investment Policy <br />SUMMARY & RECOMMENDATIONSSUMMARY & RECOMMENDATIONS <br />The City Council of the City of La Porte originally adopted an Investment Policy on January 13, 1992, by The City Council of the City of La Porte originally adopted an Investment Policy <br />on January 13, 1992, by <br />Ordinance No. 1802.  The Investment Policy governs how the City will invest the CityOrdinance No. 1802.  The 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.  The Public administrative and legal guidelines for the Investment Officers <br />to follow for the preservation of capital.  The Public <br />Funds Investment Act requires that a City must present the Investment Policy to Council annually for review or Funds Investment Act requires that a City must present the Investment Policy <br />to Council annually for review or <br />amendment.  <br />  <br />The policy has been updated to reflect changes that were made to the Public Funds Investment Act during the last The policy has been updated to reflect changes that were made to the <br />Public Funds Investment Act during the last <br />Legislative Session.  Additions have been highlighted in the policy and are summarized as follows:Legislative Session.  Additions have been highlighted in the policy and are summarized <br />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 />2.The Responsibility and Control Section (page 2) has been expanded regarding oversight responsibility of the The Responsibility and Control Section (page 2) has been expanded regarding <br />oversight responsibility of the <br />The Responsibility and Control Section (page 2) has been expanded regarding oversight responsibility of the The Responsibility and Control Section (page 2) has been expanded regarding <br />oversight responsibility of the <br />Fiscal Affairs Committee and the City Manager. 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 />1.Monitoring of credit ratings for investments Monitoring of credit ratings for investments <br />2.Monitoring FDIC status for mergers and acquisitions regarding CDs Monitoring FDIC status for mergers and acquisitions regarding CDs <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 />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 />Institutions. (page 6) Institutions. (page 6) <br />6.Items Q and R have been added to the Management and Internal Controls Section.  These items address Items Q and R have been added to the Management and Internal Controls Section.  <br />These items address <br />the monitoring of credit ratings and FDIC status for institutions and mergers for brokered CDs.  (page 8) the monitoring of credit ratings and FDIC status for institutions and mergers <br />for brokered CDs.  (page 8) <br />Action Required by the Fiscal Affairs Committee:Action Required by the Fiscal Affairs Committee: <br />Consider approval or other action of a recommendation to the City Council to amend the City of La PorteConsider approval or other action of a recommendation to the City Council to amend <br />the City of La Porte’’s s <br />Investment Policy.Investment Policy. <br />Approved for Fiscal Affairs Committee AgendaApproved for Fiscal Affairs Committee Agenda <br />Corby D. Alexander, City ManagerCorby D. Alexander, City ManagerDateDate <br /> <br />