HomeMy WebLinkAbout06-23-2015 C7 City Treasurer DutiesCity of San Luis Obispo, Council Agenda Report, Meeting Date, Item Number
FROM: Wayne Padilla, Finance Director/City Treasurer
SUBJECT: RESOLUTION EXTENDING THE DELEGATION OF INVESTMENT
AUTHORITY TO THE CITY TREASURER THROUGH THE 2015-16
FISCAL YEAR
RECOMMENDATION
Approve a resolution extending the delegation of investment authority to the City Treasurer
through the 2015-16 Fiscal Year.
Background
The City Council has previously appointed the Director of Finance & Information Technology to
serve concurrently as the City Treasurer and has delegated responsibility for making investment
decisions on behalf of the City to the City Treasurer.
Each quarter the City Treasurer meets with the Investment Oversight Committee to review the
performance of the investment portfolio to ensure that the investments are managed in
accordance with the City’s investment policy. To date, there have been no instances of non-
compliance reported to the Oversight Committee. A copy of each quarterly investment report is
also provided to the City Council for review at the time that it is prepared.
As staff reviewed the current Investment Management Plan to identify potential changes to the
existing guidelines, it was noted that California Government Code Section 53607 states that the
Council’s delegation of investment responsibility to the City Treasurer must be renewed on an
annual basis. This report and the accompanying resolution are intended to provide the City
Council with the opportunity to extend this delegation of responsibility through the end of the
2015-16 Fiscal Year.
CONCURRENCES
The City Attorney and City Administration concur with the recommendation to extend the
delegation of responsibility.
FISCAL IMPACT
Delegating responsibility for making investment decisions to the City Treasurer does not create a
fiscal impact, however the delegation of responsibility to the City Treasurer ensures that timely
decisions will be made with regard to the City’s investment portfolio and taking into
consideration the City’s operational needs to maintain adequate liquidity to support its ongoing
operations.
6/23/2015
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Delegation of Investment Authority to the City Treasurer Page 2
ALTERNATIVES
1. The delegation of responsibility could be made to another member of staff having
adequate knowledge of the City’s investment needs and the requirements imposed by the
California Government Code (CGC).
2. If the Council declined to delegate this responsibility, then it would become the
responsibility of the full Council to make the investment decisions on behalf of the City
as directed by Section 53607 of the CGC.
ATTACHMENT
Resolution extending the delegation of investment authority to the City Treasurer through the
2015-16 Fiscal Year
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R _____
RESOLUTION NO. (2015 Series)
A RESOLUTION OF THE COUNCIL OF THE CITY OF SAN LUIS OBISPO
EXTENDING THE DELEGATION OF INVESTMENT AUTHORITY TO THE CITY
TREASURER THROUGH THE 2015-16 FISCAL YEAR
WHEREAS, it is the policy of the City of San Luis Obispo for the Director of Finance &
Information Technology to concurrently hold the position of City Treasurer; and
WHEREAS, the City Council has previously delegated the responsibility for making
investment decisions to the City Treasurer in accordance with California Government Code
Section 53607; and wishes to extend the period of time for an additional year; and
WHEREAS, the City Council has reviewed the outcome of the City Treasurer’s
investment decisions and now desires to extend the delegation of investment authority to the
2015-16 Fiscal Year;
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of San Luis
Obispo as follows:
SECTION 1. The above recitals are true and correct.
SECTION 2. The City Council hereby extends the delegation of duties related making
investments on behalf of the City to the City Treasurer for the 2015-16 Fiscal Year.
SECTION 3. The City Clerk shall cause a certified copy of this Resolution confirming
the delegation of investment authority to be forwarded to the City Treasurer.
Upon motion of ___________________________, seconded by
___________________, and on the following roll call vote:
AYES:
NOES:
ABSENT:
The foregoing resolution was passed and adopted this 2nd day of June 2015.
Mayor Jan Marx
ATTEST:
___________________________
Anthony Mejia
City Clerk
APPROVED:
_____
J. Christine Dietrick
City Attorney
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