REQUEST FOR CITY COUNCIL ACTION
SUBMITTED TO: Honorable Mayor and City Council Members
SUBMITTED BY: Alisa Backstrom, City Treasurer
VIA: Alisa Backstrom, City Treasurer
PREPARED BY: Jennifer McCann, Senior Administrative Assistant
Subject:
title
Adopt Resolution No. 2024-56 approving the 2025 Investment Policy
body
Statement of Issue:
Pursuant to California Government Code, the Treasurer of the local agency may render an annual statement of investment policy to the legislative body for consideration and adoption. The City Treasurer, with the assistance of the Investment Advisory Board, has prepared an updated investment policy.
Financial Impact:
Not Applicable.
Recommended Action:
recommendation
Adopt Resolution No. 2024-56, “A Resolution of the City Council of the City of Huntington Beach Approving the Statement of Investment Policy 2025.”
end
Alternative Action(s):
Do not approve recommended action, and direct staff accordingly.
Analysis:
The City Treasurer is responsible for the administration of the investments of City of Huntington Beach. The purpose of the Investment Policy is to establish cash management and investment guidelines for the investment of the City’s unexpended cash balances, which exclude employee retirement funds, funds governed by bond indenture agreements, and other funds managed separately. This policy shall apply to each investment transaction and the entire portfolio, which must comply with the California Government Code, Section 53600 through 53683, and all other applicable laws and regulations.
The City’s Investment Policy may be rendered annually to the City Council to ensure its consistency with the overall objectives of preservation of principal, liquidity, and return. The attached Investment Policy has been reviewed by the City’s Investment Advisory Board and approved as to form by the City Attorney.
The investment policy has previously been reviewed and certified by the California Municipal Treasurers Association, which was founded in 1958 and whose mission is to lead in promoting and enhancing the fiduciary responsibility and integrity of individuals responsible for public funds. The Investment Advisory Board reviewed the policy at its meeting of October 24, 2024.
Environmental Status:
This action is not subject to the California Environmental Quality Act (CEQA) pursuant to Sections 15060(c)(2) (the activity will not result in a direct or reasonably foreseeable indirect physical change in the environment) and 15060(c)(3) (the activity is not a project as defined in Section 15378) of the CEQA Guidelines, California Code of Regulations, Title 14, Chapter 3, because it has no potential for resulting in physical change to the environment, directly or indirectly.
Strategic Plan Goal:
Goal 2 - Fiscal Stability, Strategy A - Consider new revenue sources and opportunities to support the City's priority initiatives and projects.
For details, visit www.huntingtonbeachca.gov/strategicplan <http://www.huntingtonbeachca.gov/strategicplan>.
Attachment(s):
1. Resolution No. 2024-56
2. City of Huntington Beach Investment Policy 2025