- Meeting Date:
- 05/06/2009
- Title:
- Consider approval of an ordinance to approve the changes to the City of Texas City’s Investment Policy.
- Submitted For:
- Cheryl Hunter
- Submitted By:
- Cheryl Hunter, Finance
- Department:
- Finance
ACTION REQUEST (Brief Summary)
BACKGROUND
In 1995, the City adopted an Investment Policy to comply with the Texas Public Funds Investment Act (TPFIA). The City of Texas City’s Investment Policy mandates how City funds are to be managed and invested. The Investment Policy was updated in 1998, 2000, 2004, 2005 and 2006 and is in need of City Commission review and approval.
ANALYSIS
The City's Investment Policy approved in 2006 has been updated to reflect changes in the City's investment policy and plan. The policy has a multitude of changes, many of the changes involve wording and are considered minor, the major changes are to the City's Investment Strategy and Diversification parameters. Attached are the 2006 Investment Policy with strikes and additions (additions are underlined) along with the "clean" version of the policy, which will be the policy to be approved.