FROM:
Management Services
SUBJECT:
Title
2022 Statement of Investment Policy
End
RECOMMENDATION:
Recommendation
1.Adopt the City of Fontana Statement of Investment Policy for 2022.
2. Adopt Resolution No. 2022-001 designating City officers who are authorized to invest funds for the City of Fontana and repealing Resolution No. 2021-004.
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 requires annual review and adoption by the City Council in January of each year. The Policy has been certified by the Association of Public Treasurers of the United States and Canada (APT US&C).
The Investment Review Committee, which includes the City Treasurer, Management Services Director/Deputy City Treasurer, Budget Manager and Accounting Manager, will continue to meet quarterly to discuss the status of current investments, strategies for future investments, and other matters deemed relevant. Twice a year, these meetings include a representative at the partner or manager level from the City's external auditing firm.
The Policy currently lists the following Authorized Investment Officers:
Authorized Investment Officers:
City Manager
Management Services Director/Deputy City Treasurer
Budget Manager
Accounting Manager
The only recommended revision to the Policy for 2022 is updating the Management Services Director title to Chief Financial Officer. There are no other changes to the Policy for 2022.
FISCAL IMPACT:
None.
MOTION:
Approve staff recommendation.