HomeMy WebLinkAboutRES 121217-K - Adopting Investment PolicyRESOLUTION NO. kl - Y--,
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GEORGETOWN, TEXAS, AMENDING THE EXISTING CITY OF
GEORGETOWN INVESTMENT POLICY EFFECTIVE DECEMBER 12, 2017.
WHEREAS, the goal of the City of Georgetown is to implement an investment policy that
utilizes all current municipal investment practices, while ensuring the safety and
availability of all funds entrusted to the City in compliance with state federal, state and local
laws; and
WHEREAS, the City Council of the City of Georgetown has reviewed the investment policy;
and
WHEREAS, the City Council of the City of Georgetown wishes to amend its
Investment Policy (as last amended Dec 13, 2016); and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
GEORGETOWN, TEXAS, THAT:
SECTION 1. The facts and recitations contained in the preamble of this resolution are
hereby found and declared to be true and correct, and are incorporated by reference herein and
expressly made a part hereof, as if copied verbatim. The enactment of this resolution is not
inconsistent or in conflict with any 2030 Plan Policies.
SECTION 2. The Investment Policy attached as Exhibit "A" is hereby adopted by the
City Council of the City of Georgetown, Texas.
SECTION 3. This resolution shall be effective immediately upon adoption. RESOLVED this
12th day of December 2017.
ATTEST:
0 Wi 3-1 Mt. W, 9,
Shelley Nowlin
V!5ity Secretary
APPROVE AS -TO FORM:
arlie'McNabb, City Attorney
THE X=TOWN:
Dae ass, Mayor
Resolution No. lalQ j'1 -V__ Page 1 of 1
Description: Investment Policy
Date Approved:S v� � 1 a U)u---7
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DATE:
MEMORANDUM
December 6, 2017
TO: Mayor & Council
David Morgan, City Manager
Laurie Brewer, Assistant City Manager
FROM: Elaine Wilson, Controller/Karrie Pursley, Treasurer
SUBJECT: Proposed Updates to City of Georgetown Investment Policy
ATTACHMENTS: Redline version of the City of Georgetown Investment Policy
The City's investments are guided by the City's investment policy, which was created pursuant to
Chapter 2256 of the Texas Government Code, known as the Public Funds Investment Act (PFIA).
The law requires the governing body of local governments to review the policy annually. City staff
and its investment advisory firm, Valley View Consulting, L.L.C., have reviewed the current policy
and made recommended changes to enhance the policy and make minor language clarifications.
There has been no state legislative changes since last year's review.
These proposed changes will be reviewed by GGAF on December 6, 2017. The policy and proposed
changes will be reviewed at the December 12, 2017 Georgetown City Council Meeting.
A summary of the changes proposed is outlined below.
Section 2.3 Delegation of Authority
Addition of the Treasurer position.
Section 3.1 Investment Strategies
Addition of State and Municipal debt instruments
Section 3.2 Contingency Reserves
Addition of State and Municipal debt instruments
Section 3.3 Debt
Addition of State and Municipal debt instruments
Section 3.4 Debt
Addition of State and Municipal debt instruments
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Section 4.1.2 Treasuries and Agencies
Clarification on letters of credit.
Section 4.1.4 Money Market Mutual Funds
Minor wording clarification.
Section 4.1.6 Municipal Issuers
Minor wording clarification.
Section 4.4 Cash on Hand
Minor wording clarification.
Section 5.1 Authorized Broker/Dealers and Investment Policy Certification
Updated with the 2017 Legislative changes in regards to the PFIA, including removal of specific
references to banks, financial institutions, and broker/dealers.
Section 5.5 Collateralization
Minor wording clarification.
Section 6.1 Quarterly Reporting
Minor wording clarification.
Section 6.3 Performance Standards
Minor wording clarification.
Attachment "A"
Change in approved brokers from Coastal Securities to FTN Financial
Upcoming Legislative Changes
These changes incorporate all changes made in the 85'h Texas Legislative session. We do not
expect any further changes to the PFIA or the Public Funds Collateral Act until 2019 during the next
biennial session.
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