Title
RESOLUTION NO. 2014-191 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA AMENDING COUNCIL POLICY NO. 220-01, THE CITY OF CHULA VISTA INVESTMENT POLICY AND GUIDELINES
Body
RECOMMENDED ACTION
Recommended Action
Council adopt the resolution.
Body
SUMMARY
Per Government Code Section 53646, the City Treasurer may annually present the City's Investment Policy (Council Policy 220-01) to the City Council to reaffirm or make any changes to the existing policy. A review recently completed by an outside investment advisor recommended some revisions to the Investment Policy that increases the flexibility of the City to be able to take advantage of additional investment opportunities while still maintaining the safety and liquidity of the City's investment portfolio. Staff recommends that the Council approve these revisions.
ENVIRONMENTAL REVIEW
The Development Services Director has reviewed the proposed activity for compliance with the California Environmental Quality Act (CEQA) and has determined that the activity is not a "Project" in accordance with Section 15378(b)(5) of the State CEQA because it involves only amending of a Council Policy regarding the City's Investment Policy and Guidelines therefore it is an organizational or administrative activity of government that will not result in a direct or indirect physical change in the environment; therefore, pursuant to Section 15060(c)(3) of the State CEQA Guidelines the activity is not subject to CEQA. Thus, no environmental review is necessary.
BOARD/COMMISSION RECOMMENDATION
Not Applicable
DISCUSSION
The City's Investment Policy and Guidelines (amended most recently on March 11, 2014 by Resolution 2014-039) is intended to provide direction for the prudent investment of temporarily idle cash, and for maximizing the efficiency of the cash management process while meeting the daily cash flow demands of the City. The policy includes a list of specific investment instruments available u...
Click here for full text