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ITEM:
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CONSENT
CALENDAR
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4.
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ANNUAL UPDATE ON INVESTMENT
POLICY
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Meeting
Date:
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January 27, 2005
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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 13, 2005 and recommended ___________________.
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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 4-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 29, 2004. 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 investment policy.
The Administrative Committee considered this matter on January 13, 2005
and voted __ to __ to recommend _____________.
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.
EXHIBIT
4-A Investment
Policy
U:\staff\word\committees\Admin\2005\04\item4.doc