TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: Javier Carcamo, Finance Director
PREPARED BY: Ashley Lopez, Accounting Supervisor
SUBJECT:
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Annual Adoption of the Investment Policy for Fiscal Year 2024/25
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RECOMMENDATION
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Adopt Resolution No. 24-4797 entitled: A Resolution of the City Council of the City of Murrieta, California, Adopting the Fiscal Year 2024/25 Investment Policy.
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PRIOR ACTION/VOTE
On April 18, 2023, the City Council adopted Resolution No. 23-4657, approving the Fiscal Year 2022/23 Investment Policy (Vote: 4-0-1)1.
On December 5, 2023, the City Council adopted a Resolution No. 23-4718, approving the Fiscal Year 2023/24 Investment Policy (Vote: 5-0).
CITY COUNCIL GOAL
Maintain a high performing organization that values fiscal sustainability, transparency, accountability and organizational efficiency.
BACKGROUND
California Government Code Section 53646 (Government Code) requires that the Treasurer of a local agency annually submit a statement of Investment Policy to the City Council at a public meeting for their approval.
The Investment Policy establishes the procedures and guidelines for investments to ensure the prudent management of the City of Murrieta's (City) excess funds and to ensure compliance with the requirements of the Government Code. Additionally, the City's Investment Policy is consistent with Government Code Section 53600, et. seq., which provides standards regarding investment policies and reports, securities, and repurchase agreements for local agencies.
The City has four primary goals with its investments, which are listed below, in priority order.
* Safety - Protect and preserve the City's capital investments;
* Liquidity - Ensure readily available cash and mitigate the need to sell securities to obtain cash;
* Yield - Provide the highest level of earnings, without sacrificing safety and liquidity, while complying with the Government Code; and
* Diversification -...
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