JOINT CITY COUNCIL / REDEVELOPMENT AGENCY BOARD AGENDA ITEM: Adoption of Resolutions Approving the Annual Investment Policy for Fiscal Year 2011/2012. City of Culver City California Agenda Item Report Item Number: JC 1 Meeting Date: 08/01/2011 JOINT CITY COUNCIL / REDEVELOPMENT AGENCY BOARD AGENDA ITEM: Adoption of Resolutions Approving the Annual Investment Policy for Fiscal Year 2011/2012. Contact Person/Dept.: Jeff S. Muir/Finance Fiscal Impact: Yes No X General Fund: Yes No X Phone Number: 310/253 5865 Public Hearing: Action Item: Attachments: X Commission Action Required: Yes No X Date: _______________ Public Notification: (E Mail) Meetings and Agendas City Council (08/03/11); Meetings and Agendas Redevelopment Agency (08/03/11) Department Approval: Jeff Muir (07/19/11) Chief Financial Officer Approval: Jeff Muir (07/19/11) City Attorney Approval: Carol Schwab (by H. Baker) (08/03/11) City Manager Approval: John M. Nachbar (08/03/11) RECOMMENDATION: Staff recommends that the City Council and Agency Board adopt respective resolutions approving the Annual Investment Policy for Fiscal Year 2011/2012. BACKGROUND / DISCUSSION: Effective January 1 1996 the filing of the Annual Statement of Investment Policy (Policy) became a requirement of State law. In Fiscal Year 2003/2004 the State Legislature suspended this requirement to avoid Mandated Cost Reimbursements to local governments. However sound practice is to continue the annual filing. The City and Agency last approved the Annual Investment Policy for Fiscal Year 2010/2011 in August 2010. The attached proposed 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 (who has also been designated as the City Treasurer by the City Manager) is delegated primary authority for managing the City and Redevelopment Agency investment portfolio. Previously there were separate (though identical) investment ...
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