AGENDA REPORT
REQUEST FOR CITY COUNCIL ACTION
DATE: 6/19/2019
TO: Honorable Mayor and City Council Members
FROM: Administrative Services Department
SUBJECT:
Title
City Council consideration of Resolution No. 2019-044, approving the City of Corona's Investment Policy.
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RECOMMENDED ACTION:
Recommended action
That the City Council adopt Resolution No. 2019-044 approving the City of Corona's Investment Policy.
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ANALYSIS:
The City of Corona, as with all local governments in California, maintains an investment portfolio to hold its inactive cash. The City's investments allow funds to earn a return while they are in the queue to be expended on City projects and services, pursuant to the City's adopted budget. The current balance of the City's investment portfolio is approximately $315.5 million. Through the City's contracted investment advisor, Chandler Asset Management, the City invests in a variety of instruments that provide a reliable yield over a duration of maturity between 3 months to 5 years to ensure that cash is available to meet the City's needs. Chandler Asset Management makes these investments according to the City's Investment Policy, with the oversight of the Treasury Committee, which is comprised of the City Manager, City Treasurer, and the Assistant City Manager/Administrative Services Director. The Investment Policy is a formal statement of objectives and constraints for the City's investment approach.
The City of Corona's Investment Policy is reviewed annually by the City Treasurer, Administrative Services Department, and Chandler Asset Management, and adopted by the City Council pursuant to State law. Chandler Asset Management suggested minor rewording changes in the Policy's Attachment A- Allowable Investments. The revisions incorporated were simply refining phrases to be more clearly defined. The Policy's framework and provisions have not been changed. The Treasury Committee recommends no additional modifications to the ...
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