RES 03099 - Laserfiche WebLink

The City may invest proceeds of bond issuances or Certificates of Participation for a term exceeding five years, provided the City Council authorizes such investments as part of the legal documents. INTERNAL CONTROL The Director of Finance shall establish an annual process of independent review by an external auditor. This review wilt provide internal control by assuring compliance with policies and procedures. PERFORMANCE STANDARDS The investment portfolio will be designed to obtain a market average rate of return. Safety and liquidity, however, will continue to be the predominant emphasis. REPORTING The Director of Finance will submit a report to the City Council on the status of the City's investment portfolio within thirty days after each month end. This report shall include the types of investments, the amount of money invested with various institutions, purchase and maturity dates, and yield on investments. The Director of Finance will certify that the investment portfolio is in compliance with the investment policy and that it will meet cash flow needs for the next six months. With the passage of AB 943~ reporting to California Debt and Investment Advisory Commission (CDIAC) commenced on January L 2001. Cities and Counties are now required to submit copies of their second and fourth quarter calendar year investment reports and investment policies to CDIAC. The City has 60 days following the end of the quarter to provide CDIAC with its investment portfolio report. In addition~ the City is required to submit its investment policy within 60 days of any subsequent amendment. The City of Pleasanton will comply with CDIAC oversight agency reporting requirements. INVESTMENT POLICY ADOPTION The City's investment policy must be submitted annually to Council for adoption. Investment Policy doc