Title
Approving a resolution with the caption reading: RESOLUTION OF THE CITY OF PFLUGERVILLE, TEXAS REVIEWING AND READOPTING THE INVESTMENT POLICY OF THE CITY OF PFLUGERVILLE, TEXAS.
Summary
Texas Government Code, Chapter 2256, also known as the Public Funds Investment Act (PFIA), provides the basis for the investment of public funds. Under this guidance, the City has adopted an investment policy, which must be reviewed annually under state law and was last readopted by Council on September 26, 2017. The attached proposed Investment Policy highlights minor changes recommended based on amendments to the PFIA as described below.
In the 2017 legislature two House Bills were adopted that included slight modifications the PFIA. House Bill 2647 expanded the authorized investments for public funds to include deposits guaranteed or insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund. The second change, included in House Bill 1701, relates to the presentation of the investment policy to the entity that conducts investment transactions for the City. Previous law required a written copy of the investment policy to be presented to any person offering to engage in an investment transaction with the City. The amendment requires the written copy of the investment policy to be presented to any business organization making such an offer and revises provisions regarding the required written acknowledgement given to an investing entity by such an organization.
The City Investment Policy, including the proposed changes, was reviewed and recommended for approval by the Finance and Budget Committee at its August 23, 2018 meeting. Approval of this resolution documents the City Council review and readoption of the City's Investment Policy.
Deadline for City Council Action
None.
Fiscal Impact
None.
Staff Recommendation
Approve the resolution.
Drafter
Lauri Gillam
Assistant City Manager