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CC - Appointment of a Second City Council Member to the Treasurer’s Investment Subcommittee
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Meeting Date: Feb 10, 2020
Contact Person/Dept: Onyx Jones/Finance
Phone Number: (310) 253-5865
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No []
Public Hearing: [] Action Item: [X] Attachments: []
Commission Action Required: Yes [] No [X] Date:
Public Notification: (E-Mail) Meetings and Agendas - City Council (02/04/20)
Department Approval: Onyx Jones, Chief Financial Officer (02/03/20)
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RECOMMENDATION
Staff recommends the City Council appoint a second City Council Member to the Treasurer’s Investment Subcommittee.
BACKGROUND/DISCUSSION
The periodic review of the City’s Investment Policy ensures consistency with the overall objectives of safety, liquidity and yield, and its relevance to current law and economic trends. The Investment Policy was last reviewed by the City Council on June 26, 2017. Normally, this policy does not change much from year to year unless there are updates to relevant provisions of the California Government Code. 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 the policy.
The Investment Policy states “an Investment Committee shall be established consisting of but not limited to the Chief Financial Officer, members of the Chief Financial Officer’s staff, two City Council Members, and the City Manager.” The City has also established the Treasury Investment Committee to oversee certain policies and procedures related to the operations and administration of the Section 115 Pension Trust and the Other Post-Employment Benefit (OPEB) Trust. The Committee will have authority to implement the investment policy and guidelines in the best interest of both Trust to best satisfy the purpose of both Trust.
At its Meeting on May 13, 2019, the City Council appointed Vice-Mayor Eriksson and Council Member Fisch to various Finance-related City Council Subcommittees including the Joint Finance & Judiciary Subcommittee and Audit, Financial, Planning, and Budget Subcommittee. During this meeting, however, only Vice Mayor Eriksson was appointed to the Treasury Investment Subcommittee. For consistency, Staff recommends appointing Council Member Alex Fisch as a second member to Treasury Investment Subcommittee.
FISCAL ANALYSIS
There is no fiscal impact to adding a member to this Subcommittee.
ATTACHMENTS
None.
MOTION
That the City Council:
Staff recommends the City Council appoint a second City Council Member to the Treasurer’s Investment Subcommittee.