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A. RESOLUTION NO. 2014-039 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA ACKNOWLEDGING RECEIPT OF COUNCIL POLICY 220-01, THE CITY OF CHULA VISTA INVESTMENT POLICY AND GUIDELINES; AMENDING THE EXISTING POLICY; AND ANNUAL DELEGATION OF INVESTMENT ACTIVITY AUTHORITY TO THE DIRECTOR OF FINANCE/TREASURER
B. INVESTMENT REPORT FOR THE QUARTER ENDED DECEMBER 31, 2013
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RECOMMENDED ACTION
Recommended Action
Council adopt the resolution and accept the report.
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SUMMARY
Per California Government Code Section 53607, on an annual basis the City Council may delegate to the City Treasurer the authority to conduct the investment activities of the City. And, per Government Code Section 53646, the City Treasurer may annually present the City's Investment Policy to the City Council to reaffirm or make any changes to the existing policy. The Investment Policy provides guidelines for the investment of idle funds and affords the City various investment opportunities, as long as the investment is deemed prudent and is allowable under Government Code Section 53600, et seq. The City received the Certificate of Excellence Award from the Association of Public Treasurers United States and Canada (APT-US&C) in August 2007 for its Investment Policy, and most recently, the Policy was reviewed and adopted by City Council on February 26, 2013. At this time, staff is recommending amendments specifying the debt issued by the Federal Farm Credit Banks is an authorized investment, and adjusting the FDIC insured deposit limit to reflect the current $250,000 limit per deposit.
Transmitted herewith is the City's investment report for the quarter ended December 31, 2013. To meet the reporting requirements set forth in the California Government Code Sections 53600 et seq. and the City of Chula Vista Investment Policy, a separate report was distributed to the City Council in January 2014.
ENVIRONMENTAL REVIEW
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