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CC:SA - Adoption of Respective Resolutions by the City Council and Board of the Successor Agency to the Redevelopment Agency to Approve the City of Culver City Investment Policy.
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Meeting Date: June 26, 2017
Contact Person/Dept: Jeff Muir, Finance
Phone Number: (310) 253-5865
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No [X]
Public Hearing: [] Action Item: [] Attachment: [X]
Commission Action Required: Yes [] No [X] Date:
Public Notification: (E-Mail) Meetings and Agendas - City Council (06/21/17);
Department Approval: Jeff Muir, Chief Financial Officer (06/07/17)
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RECOMMENDATION
Staff recommends:
1. The City Council adopt a resolution approving the City of Culver City Investment Policy.
2. The Successor Agency to the Culver City Redevelopment Agency (Successor Agency) Board adopt a resolution adopting and incorporating by reference the City of Culver City Investment Policy, which shall serve as the Successor Agency's investment policy.
BACKGROUND/DISCUSSION
The Investment Policy was last reviewed by the City Council on June 23, 2014. Normally, this policy does not change much from year to year unless there are changes to the relevant provisions of the California Government Code, and this policy conforms to those requirements. The City's investment advisor will, in turn, assist in managing the City's portfolio, in consultation with the Chief Financial Officer, within the constraints of policy.
The periodic review of the policy ensures consistency with the overall objectives of safety, liquidity and yield, and its relevance to current law and economic trends. Additionally, the policy prescribes an internal control system, which delineates duties and responsibilities for City personnel handling investment operations.
The City continues to follow the highest professional standards in managing public funds...
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