Adoption of a Resolution Approving the Fiscal Year 2012/2013 Annual Investment Policy. Item Number: C 2 City of Culver City California Agenda Item Report Meeting Date: 07/02/2012 CITY COUNCIL AGENDA ITEM: Adoption of a Resolution Approving the Fiscal Year 2012/2013 Annual Investment Policy. Contact Person/Dept.: Jeff S. Muir/Finance Fiscal Impact: Yes No X Public Hearing: Commission Action Required: Yes No X Date: _______________ Public Notification: (E Mail) Meetings and Agendas City Council (06/28/12) Department Approval: Jeff Muir (06/20/12) Chief Financial Officer Approval: Jeff Muir (06/20/12) City Attorney Approval: Carol Schwab (by H. Baker) (06/25/12) City Manager Approval: John M. Nachbar (06/27/12) Phone Number: 310/253 5865 Action Item: General Fund: Yes No X Attachments: X RECOMMENDATION: Staff recommends the City Council adopt the attached Resolution approving the Fiscal Year 2012/2013 Annual Investment Policy; BACKGROUND / DISCUSSION: Effective January 1 1996 the filing of the Annual Statement of Investment Policy became a requirement of State law. In Fiscal Year 2003/2004 the State Legislature suspended the requirement to avoid Mandated Cost Reimbursements to local governments. However sound practice is to continue the annual filing. The City last approved the Fiscal Year 2011/2012 Investment Policy in August 2011. The attached investment policy is in compliance with Sections 53600 through 53684 of the Government Code which govern investment requirements for California public agencies. The Chief Financial Officer is delegated primary authority for managing the City investment portfolio. The only change to the policy from Fiscal Year 2011/2012 is to reflect certain functions of investment portfolio management have been delegated to Cutwater Investor Services Corporation pursuant to a Professional Services Agreement approved by the City Council. City of Culver City California Agenda Item Report FISCAL ANALYSIS: There is no fiscal impact associated with ...
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