REQUEST FOR CITY COUNCIL ACTION
DATE: 06/21/2023
TO: Honorable Mayor and City Council Members
FROM: Finance Department
SUBJECT:
Title
RESOLUTION APPROVING THE CITY OF CORONA'S INVESTMENT POLICY
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EXECUTIVE SUMMARY:
This staff report asks the City Council to adopt Resolution No. 2023-052 approving the City's Investment Policy. The City's Investment Policy requires City Council annual review and adoption by Resolution. The City Treasurer, together with the City's investment advisor, Chandler Asset Management, have reviewed the Investment Policy and recommended a few changes. The Treasury Committee concurs with the recommended changes.
RECOMMENDED ACTION:
Recommended action
That the City Council adopt Resolution No. 2023-052, approving the City of Corona's Investment Policy.
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BACKGROUND & HISTORY:
California Government Code Sections 53600 through 53659 defines the types of investments that municipal governments can include in their portfolio, limits on the level of these investments, and the oversight required for the portfolio. The City's Investment Policy establishes strategies, practices, and procedures which are used in the administration of the City's portfolio to ensure compliance with the laws and regulations governing the City's investments.
The City of Corona's Investment Policy is intended to provide guidelines for the prudent investment of the City's temporarily inactive cash and outlines the policies for maximizing the efficiency of the City's cash management system. The goal of the City's Investment Policy is to meet the short- and long-term cash flow demands in a manner that will provide for the safety of principal and sufficient liquidity while providing a suitable investment return. The policy is evaluated and adopted annually, and it was last updated and adopted on June 15, 2022.
The City of Corona maintains an investment portfolio to hold its inactive cash. The City's investments allow funds to earn a return while the...
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