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6:30 P.M.

INVOCATION:           Chaplain James Stitzinger.

                                    The Courts have concluded that sectarian prayer as part of City Council

                                    meetings is not permitted under the Constitution.

FLAG SALUTE:

ROLL CALL:

JOINT MEETINGS WITH THE CITY COUNCIL, REDEVELOPMENT AGENCY, HOUSING AUTHORITY AND YOUTH ENDOWMENT SERVICES:

1.      2006 INVESTMENT POLICY:

Staff is requesting the City Council, Redevelopment Agency Board, Housing Authority, Parking Authority and Youth Endowment Services Fund Board approve the 2006 Investment Policy.  The 2006 Investment Policy for the Investment Pool comprised of the City, Redevelopment Agency, Parking Authority, Youth Endowment Services, and separately for the Housing Authority, is being presented for approval.

The recommended changes are:

1) Decreasing the liquidity requirement needed monthly from $62 million to $61 million which is two and a half (roughly 60 days) of the annual appropriations (less purchased power), (Page 3, III Objectives, Sec B, Liquidity, of the Statement of Investment Policy).  This will be monitored and reviewed by the Treasurer�s investment advisory committees at least semi-annually or as warranted.

2) Changing the reporting requirements for the Investment Advisory Committees (Treasurer�s Oversight Review Committee and Fiscal and Treasurer�s Review Group) to meet at least semi-annually or as warranted to review the status of the investment pool and to discuss the investment portfolio management strategy before being presented to the Council (Page 4, IV Reporting, Sec A, Investment Advisory Committees, of the Statement of Investment Policy).  Also, the investment reports will still be sent out to these committees and to the Council on a monthly basis but will be presented for Council approval on a semi-annual basis (mid-year end December and fiscal-year end June) after meeting with these committees (Page 5, IV Reporting, Sec B, Monthly and Semi-Annual Reporting).

Recommendation:

Staff recommends that the City Council, Redevelopment Agency Board, Housing Authority, Parking Authority and Youth Endowment Services Fund Board approve the 2006 Investment Policy.

2.      TREASURER�S REPORT:

The City Treasurer's report on investment and reinvestment of temporarily idle funds for the fourth quarter ending December 31, 2005.

Recommendation:

Note and file.

RECESS to continue the City Council meeting.

ADJOURNMENT