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ITEM:
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CONSENT
CALENDAR
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9.
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CONSIDER APPROVAL OF ANNUAL
UPDATE ON INVESTMENT POLICY
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Meeting
Date:
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January 24, 2008
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Budgeted:
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N/A
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From:
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David A.
Berger,
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Program/
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N/A
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General
Manager
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Line Item No.:
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Prepared
By:
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Rick Dickhaut
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Cost Estimate:
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N/A
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General Counsel Approval: N/A
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Committee Recommendation: The Administrative Committee reviewed this
item on January 15, 2008 and recommended approval.
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CEQA Compliance: N/A
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SUMMARY: The State of California Government Code requires the
District Board to annually consider the District Investment Policy. The District’s
current investment policy, included as
Exhibit
9-A, was adopted by the Board on September 20, 1997 and no changes have
been made to the policy since that date.
The policy provides guidance for the District Treasurer, who acts on
behalf of the Board in all investment matters.
The policy was last reviewed by the Board on January 25, 2007. District staff has again reviewed the
investment policy and determined that it complies with the current Government
Code; and that it is adequate for protecting safety and providing liquidity
while yielding a reasonable rate of return given current market conditions.
RECOMMENDATION: District staff recommends that the Board
review and approve the District’s Investment Policy. This item will be approved if adopted along
with the Consent Calendar.
BACKGROUND: The State of California Government Code requires the
District Board to annually review and approve the District Investment
Policy. The District’s current policy
was adopted on September 20, 1997 and has been reviewed annually by the Board
since that time. Additionally, State
law, as well as District policy, requires that each quarter the Board receive and
approve a report of investments held by the District. This requirement has been met as the Board
has received quarterly reports on the contents and performance of the
investment portfolio since adoption of the investment policy.
EXHIBITS
9-A Monterey Peninsula Water Management
District Investment Policy
U:\staff\word\boardpacket\2008\2008boardpackets\20080124\ConsentCal\09\item9.doc