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REOUEST FOR CITY COUNCIL AGENDA ITEM <br />Agenda Date Requested: July 27 2009 ---- <br />Requested By: Michael G. Dolby, CPA <br />Department: Finance <br />Report: Resolution: X Ordinance: <br />Exhibits: Resolution <br />Exhibits: Investment Policy <br />Exhibits: <br />Appropriation <br />Source of Funds: <br />Account Number: <br />Amount Budgeted: <br />Amount Requested: <br />Budgeted Item: YES NO <br />SUMMARY & RECOMMENDATION <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 policy was last amended in October 2005. The Governmental Accounting Standard's Board (GASB) <br />Pronouncement 31 requires that a City must present the Investment Policy to Council annually. <br />On May 29, 2007, the Finance Department presented the Investment Policy to the Fiscal Affairs Committee for <br />review. No changes to the actual policy were recommended at that time. <br />The Government Treasurers Organization of Texas has reviewed our policy and recommended that we change the <br />reference in the authorized investments section under `B", Certificates of Deposit and Share Certificates from "a <br />state or national bank domiciled in this state, a savings bank domiciled in this state, or a state or federal credit union <br />domiciled in this state" to "a depository institution that has its main office or branch office in this state". This is the <br />current language in the Public Funds Investment Act. <br />that the Council receive and approve the amended Investment Policy by resolution. <br />Bottoms, City Manager <br />� /oq )h '\\ <br />Date L L \ <br />