Burbank Parking Authority

Tuesday, February 7, 2006

Agenda Item - 1

 

 
                                          C I T Y O F B U R B A N K
                                                CITY TREASURER
                                                   MEMORANDUM
 
 

 

DATE: February 7, 2006
TO: Mary J. Alvord, City Manager
FROM:

Donna Anderson, City Treasurer
SUBJECT:

Investment Policy for 2006 For the Investment Pool consisting of City of Burbank, Redevelopment Agency of The City of Burbank, Parking Authority of the City of Burbank, Youth Endowment Services and Separately for Housing Authority of the City of Burbank

 

Attached is the proposed statement of Investment Policy for 2006 that sets forth the basic policy for investment of public funds.  Issues addressed are basic policy and objectives, types of investments permitted, maturity limitations, qualifications of banks/brokers, payment procedure for securities, safekeeping, portfolio diversification, cash management objective, reporting requirements, internal controls, and compliance with government code.

 

The recommended changes to the policy are as follows:

 

This year the monthly liquidity amount decreased from $62 million to $61 million.  This was based on keeping 2/12 (roughly 60 days) of the annual appropriations less purchased power liquid (page 3).  This liquidity will be monitored and discussed semi-annually with the Treasurer�s investment advisory committees.

 

Other changes include changing the reporting requirements for the Investment Advisory Committees, which are the Treasurer�s Oversight Review Committee and the Fiscal & Treasurer�s Review Group (TORC and F&TRG), to meet at least semi-annually or as warranted to review the status of the investment pool and to discuss investment portfolio management strategy before presenting to Council (page 4, IV Reporting, Sec A, Investment Advisory Committees).  The investment reports will still be sent out to these committees and to Council on a monthly basis but will be presented at Council 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). 

 

These recommendations has been reviewed and approved by the Fiscal & Treasurer�s Review Group (F&TRG) and the Treasurer�s Oversight Review Committee (TORC).  The F&TRG members are Michael Flad, Assistant City Manager, Bob Elliot, Interim Financial Services Director, Bob Liu, Acting Assistant General Manager Finance & Administration, BWP, and Marsha Ramos, Council Liaison to the Treasurer�s Office.  The TORC members are Dave Hackett, Bob Jensen, Carrie McCoy and Dick Baker.

 

I recommend that the City, Redevelopment Agency, Parking Authority, Youth Endowment Services and Housing Authority adopt motions approving the Investment Policy for 2006.

 

Attachment:  2006 Investment Policy

 

 

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