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AI# 11971  Regular City Council Meeting 5.4. 10/10/2023:

Information

Agenda Item

Resolution - Finance: Consider a resolution approving and adopting the FY 2023-24 City of Lubbock Investment Policy and Investment Strategy, as reviewed and recommended by the Audit and Investment Committee.

Item Summary

The Public Funds Investment Act (PFIA) requires the City Council to perform an annual review of the City of Lubbock Investment Policy and Investment Strategy (the "Policy"). The Policy is updated annually to reflect changes recommended to the Audit and Investment Committee. For the FY 2024 Investment Policy, the City and the Audit and Investment Committee are not recommending any changes to the existing policy.   The Debt and Investment Committee also conducts an annual review of the City's Strategic Asset Allocation and Investment Structure. The changes for FY 2023-24 are to change the benchmark to the Standard & Poor's Short-Term National AMT-Free Municipal Bond Index for the City's Operating Portfolio, and the Standard & Poor's US Treasury 0-3 Month Index for the City's Bond Portfolio. This change is to better compare the City's investment activities against a standardized benchmark rather than the City's internally calculated benchmark. All changes listed above have been made in accordance with the PFIA under the Texas Government Code § 2256.009(3). The goal is to prioritize safety, liquidity, and yield, as the formulation of these adjustments is made annually, while assessing current market conditions.

Fiscal Impact

None

Staff/Board Recommending

D. Blu Kostelich, Chief Financial Officer Audit & Investment Committee

Attachments Resolution - Investment Policy FY24 Investment Policy FY24 Investment Strategy

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