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ITEM: |
CONSENT
CALENDAR |
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6. |
CONSIDER APPROVAL OF ANNUAL
UPDATE OF INVESTMENT POLICY |
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Meeting
Date: |
January 22, 2024 |
Budgeted: |
N/A |
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From: |
David J.
Stoldt, |
Program/ |
N/A |
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General
Manager |
Line Item
No.: |
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Prepared
By: |
Nishil
Bali |
Cost Estimate: |
N/A |
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General Counsel Review: N/A |
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Committee Recommendation: The Finance and Administration Committee reviewed this item on January 16, 2024 and recommended approval. |
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CEQA Compliance: This action does not constitute a project
as defined by the California Environmental Quality Act Guidelines Section
15378. |
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SUMMARY: Pursuant to California Government Code Section 53646(a)(2), this report provides an annual review of the District’s Statement of Investment Policy. The District’s current investment policy, included as Exhibit 6-A, was adopted by the Board on September 20, 1997, and has been updated and reviewed annually by the Board. The policy provides guidance for the District Treasurer, who acts on behalf of the Board in all investment matters. The policy was last reviewed and approved by the Board on January 23, 2023. 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: The Finance and Administration Committee recommends that the Board review and approve the District’s Investment Policy.
BACKGROUND: The State of California Government Code permits the Board to annually review and approve the District Investment Policy. The District’s current policy was originally adopted on September 20, 1997 and has been reviewed, updated, and approved 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 the adoption of the investment policy.
6-A Monterey
Peninsula Water Management District Investment Policy
U:\staff\Boardpacket\2024\01222024\Consent
Calendar\06\Item-6.docx