STRATEGIC PRIORITY: Government Performance and Financial Management
AGENDA DATE: October 23, 2019
COUNCIL DISTRICT(S): N/A
DEPARTMENT: City Controller's Office
EXECUTIVE: Elizabeth Reich
______________________________________________________________________
SUBJECT
title
Authorize the annual adoption of the City's Investment Policy and investment strategies regarding funds under the City's control and management - Financing: No cost consideration to the City
body
BACKGROUND
In 1987, the City Council adopted an Investment Policy in accordance with federal and state law and the City Charter.
A 1997 amendment to the Public Funds Investment Act required that City Council, not less than annually, adopt a written instrument stating that it has reviewed the Investment Policy and approved any changes thereto. Investment policies must address safety of principal, liquidity, yield, diversification and maturity, with primary emphasis on safety of principal.
Beginning in 1997, the City Council has reviewed the Investment Policy each year and, in most years, has also approved revisions to the Investment Policy to incorporate amendments to the Public Funds Investment Act, improve management of the City's investments, and reflect organizational changes.
On August 15, 2019, the Investment Committee, composed of the Chief Financial Officer, City Controller, and Treasury Manager, met for the annual review of the Investment Policy. House Bill 2706 from the most recent Texas State legislative session made changes to certain sections of the Public Funds Investment Act. None of these changes require amendments to City of Dallas Investment Policy. Council approval of this item is required to affirm adoption of the same policy in place for the last year.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
On September 12, 2018, City Council authorized adoption of the City's revised Investment Policy and investment strategies regarding funds under the City's control and managemen...
Click here for full text