Item No. 1.
| MEETING DATE: 12/19/2022 |
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| TO: | HONORABLE MAYOR/CHAIR AND COUNCILMEMBERS/DIRECTORS |
| FROM: | JIM SADRO, CITY MANAGER/EXECUTIVE DIRECTOR By: Mel Shannon, Director of Finance |
| SUBJECT: | APPROVE ADOPTION OF THE ANNUAL INVESTMENT POLICY FOR CALENDAR YEAR 2023
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RECOMMENDATION:
That the City Council, Successor Agency to the Redevelopment Agency of the City of La Habra, La Habra Civic Improvement Authority, City of La Habra Housing Authority, and La Habra Utility Authority review and adopt the City's Annual Investment Policy for implementation beginning January 1, 2023.
DISCUSSION:
The City Council is presented with the City's Investment Policy for review and adoption on an annual basis. This review process is generally conducted each December and the approved policy is implemented effective January 1st of the following year.
The proposed Investment Policy is consistent with the currently adopted Investment Policy. After consulting with the City's external fund managers at Chandler Asset Management, staff agree that our current policy is more conservative than the California Government Code, Section 53600, et seq., governing public investments; therefore, no changes are proposed for calendar year 2023.
The proposed Investment Policy is consistent with the currently adopted Investment Policy. After consulting with the City's external fund managers at Chandler Asset Management, staff agree that our current policy is more conservative than the California Government Code, Section 53600, et seq., governing public investments; therefore, no changes are proposed for calendar year 2023.
FISCAL IMPACT/SOURCE OF FUNDING:
None.
GENERAL PLAN RELEVANCE/CITY COUNCIL GOALS & OBJECTIVES:
General Plan Relevance--ED 9 Fiscal Strength-Stability
Council Goals & Objectives--Management of Public Revenues and Fiscal Assets
Council Goals & Objectives--Management of Public Revenues and Fiscal Assets