REQUEST FOR CITY COUNCIL ACTION
DATE: 07/03/2024
TO: Honorable Mayor and City Council Members
FROM: Finance Department
SUBJECT:
Title
RESOLUTIONS APPROVING THE CITY OF CORONA'S INVESTMENT POLICY AND THE PENSION STABILIZATION TRUST INVESTMENT POLICY
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EXECUTIVE SUMMARY:
This staff report asks the City Council to adopt Resolution No. 2024-073, approving the City of Corona's Investment Policy, and Resolution No. 2024-074, approving the Pension Stabilization Trust Investment Policy. Both policies require City Council's annual review and adoption by Resolution. The City Treasurer and the City's investment advisor, Chandler Asset Management, have reviewed the investment policies. There are a few recommended changes for the City of Corona Investment Policy, while no changes for the Pension Stabilization Trust Investment Policy.
RECOMMENDED ACTION:
Recommended action
That the City Council
a. Adopt Resolution No. 2024-073, approving the City of Corona's Investment Policy.
b. Adopt Resolution No. 2024-074, approving the Pension Stabilization Trust Investment Policy.
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BACKGROUND & HISTORY:
California Government Code Sections 53600 through 53659 define 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 of Corona's Investment Policy and the Pension Stabilization Trust Investment Policy establish strategies, practices, and procedures that are used in the administration of the City's portfolio to ensure compliance with the laws and regulations governing the City's investment.
The City of Corona's Investment Policy and the Pension Stabilization Trust Investment Policy are intended to provide guidelines for the prudent investment of the City's temporarily inactive cash and outline the policies for maximizing the efficiency of the City's cash management system. The policies aim to meet the short- and long-term cash flow ...
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