FROM:
Management Services
SUBJECT:
Title
2024-2025 Statement of Investment Policy
End
RECOMMENDATION:
Recommendation
Adopt the City of Fontana Statement of Investment Policy for Fiscal Year 2024-2025.
End
COUNCIL GOALS:
• To create a team by working together to provide stability and consistent policy direction.
DISCUSSION:
The City of Fontana Statement of Investment Policy (Policy) requires an annual review and adoption by the City Council. The Policy was last updated in July 2023. The Policy is being presented at this time to ensure that the requirements of the Policy are consistent throughout the fiscal year. The Policy has been certified by the Association of Public Treasurers of the United States and Canada (APT US&C).
There are some additional changes being proposed to the policy including the following:
• Addition of two investment options - Money Market Funds and JPA pools. Both options are in legal compliance with State and Federal law.
• Additional language clarification, as needed.
The Investment Review Committee will meet quarterly to discuss the status of current investments, strategies for future investments, and other matters deemed relevant. Additionally, upon approval of this item, the Authorized Investment Officers will be as follows:
Authorized Investment Officers:
City Manager
Chief Financial Officer/Deputy City Treasurer
Deputy Finance Officer
Revenue and Operations Manager
Accounting Manager
The update is being done to bring the Investment Policy review schedule in line with the Fiscal year rather than the calendar year.
FISCAL IMPACT:
None.
MOTION:
Approve staff recommendation.