Title
Approving a resolution of the City of Pflugerville, Texas, reviewing and amending the Investment Policy of the City of Pflugerville, Texas.
Summary
This resolution documents the City Council review of the City's Investment Policy, which by state law, must be reviewed annually. The proposed draft includes amendments due to legislative changes, City Attorney recommendations and administrative clarifications. The attached document shows the proposed changes that were reviewed and recommended for approval by the Finance and Budget Committee at its March 8, 2012 meeting.
The most significant legislative change applicable to the City's policy can be found in Section VII and requires the Investment Officer to monitor the credit rating on all investments. To illustrate this ongoing monitoring, the credit rating for each type of investment has been added to the quarterly investment report that is provided to the City Council. The changes in section VIII are merely a reorganization of the City's authorized investments, and do not remove any existing instruments from the list of acceptable investments. No changes to the investment procedures of the City are required due to these proposed amendments.
Deadline for City Council Action
None.
Fiscal Impact
None.
Staff Recommendation
Approve the resolution.
Drafter
Lauri Gillam
Assistant City Manager