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STRATEGIC OUTCOMES |
ACTION |
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Department: |
☐ Safe & Prosperous |
☒ Motion |
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Finance |
☐ Active & Appealing |
☐ Resolution |
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☒ Respected & Responsible |
☐ Ordinance - Introduction |
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Division: |
☐ Connected & Engaged |
☐ Ordinance - Adoption |
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Administration |
☐ Unique & Creative |
☐ Public Hearing |
TITLE:
title
Amendment: City of Yuma Investment Policy
end
SUMMARY RECOMMENDATION:
Summary Recommendation
Approve amendments to the City of Yuma Investment Policy relating to authorized investments and changing the title of the authorized director. (Finance) (Douglas Allen)
end
STRATEGIC OUTCOME:
Updating the City of Yuma Investment Policy supports the City Council’s strategic outcome of Respected and Responsible.
REPORT:
The City Council adopted the City of Yuma Investment Policy on December 7, 1994 with amendments in 1995 and 2002. The policy provides the guiding principles for investing City funds with three primary objectives: 1) safety of principal, 2) liquidity, and 3) yield. Staff has recently reviewed the policy and recommends changing the title of “Director of Administrative Services” to “Director of Finance” and adding two categories of authorized investments to Section VII as follows:
8. Bonds, notes or other certificates of indebtedness of this state or any of its counties, incorporated cities or towns, school districts or special taxing districts that carry at minimum an “A” rating or better at the time of purchase from at least two nationally recognized rating companies. “A” rating is defined as A1, A2, A3 by Moody’s, A+, A, A- by Standard & Poor’s and Fitch.
9. Bonds, notes or other certificates of indebtedness of any county, municipal district, municipal utility or special taxing district of any state that are payable from revenues, earnings or a special tax specifically pledged for the payment of the principal of an interest on the obligations, that carry at minimum an “A” rating or better at the time of purchase from at least two nationally recognized rating companies, but only if a default in payment on principal or interest on the obligations to be purchased has not occurred within the prior five years.
Approving this motion authorizes the City Administrator and City staff to make these changes.
FISCAL REQUIREMENTS:
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CITY FUNDS: |
$ 0.00 |
BUDGETED: |
$ 0.00 |
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STATE FUNDS: |
$ 0.00 |
AVAILABLE TO TRANSFER: |
$ 0.00 |
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FEDERAL FUNDS: |
$ 0.00 |
IN CONTINGENCY: |
$ 0.00 |
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OTHER SOURCES: |
$ 0.00 |
FUNDING: ACCOUNT/FUND #/CIP |
TOTAL $ 0.00
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- |
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To total; right click number & choose “Update Field” |
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FISCAL IMPACT STATEMENT:
This motion will allow the Finance Director and City Administrator the flexibility to invest in municipal bonds while still meeting the City’s primary goals of safety of principal, liquidity and yield.
ADDITIONAL INFORMATION:
SUPPORTING DOCUMENTS NOT ATTACHED TO THE CITY COUNCIL ACTION FORM THAT ARE ON FILE IN THE OFFICE OF THE CITY CLERK:
1. Amended Investment Policy
IF CITY COUNCIL ACTION INCLUDES A CONTRACT, LEASE OR AGREEMENT, WHO WILL BE RESPONSIBLE FOR ROUTING THE DOCUMENT FOR SIGNATURE AFTER CITY COUNCIL APPROVAL?
☐ Department
☐ City Clerk’s Office
☐ Document to be recorded
☐ Document to be codified
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Acting City Administrator: |
Date: |
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John D. Simonton |
11/06/2023 |
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Reviewed by City Attorney: |
Date: |
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Richard W. Files |
11/03/2023 |