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File #: RES-0079    Version: 1 Name: Investment Policy approval Approving a Resolution titled RESOLUTION OF THE CITY OF PFLUGERVILLE, TEXAS REVIEWING AND AMENDING THE INVESTMENT POLICY OF THE CITY OF PFLUGERVILLE, TEXAS
Type: Resolution Status: Passed
File created: 3/27/2012 In control: Finance
On agenda: 3/27/2012 Final action: 3/27/2012
Title: Approving a resolution of the City of Pflugerville, Texas, reviewing and amending the Investment Policy of the City of Pflugerville, Texas.
Attachments: 1. Resolution Investment Policy 3_2012.pdf, 2. Recommended changes Investment policy 2012.pdf

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