FINANCE AND ADMINISTRATION COMMITTEE

 

5.

CONSIDER APPROVAL OF ANNUAL UPDATE OF INVESTMENT POLICY

 

Meeting Date:

January 17, 2023

Budgeted: 

N/A

 

From:

David J. Stoldt,

Program/

N/A

 

General Manager

Line Item No.:

 

 

Prepared By:

Suresh Prasad

Cost Estimate:

N/A

 

General Counsel Review:  N/A

Committee Recommendation:  The Finance and Administration Committee reviewed this item on January 17, 2023 and recommended ______________.

CEQA Compliance:  This action does not constitute a project as defined by the California Environmental Quality Act Guidelines Section 15378.

 

SUMMARY:  The State of California Government Code requires the District Board to annually review and approve the District Investment Policy. The District’s current investment policy, included as Exhibit 5-A, was adopted by the Board on September 20, 1997 and has been reviewed and approved annually by the Board.  The policy provides guidance for the District Treasurer, who acts on behalf of the Board in all investment matters.  The policy was last reviewed and approved by the Board on January 27, 2022.  District staff has again reviewed the investment policy and determined that it complies with the current Government Code; and that it is adequate for protecting safety and providing liquidity while yielding a reasonable rate of return given current market conditions.

 

RECOMMENDATION:  The Finance and Administration Committee should recommend that the Board review and approve the District’s Investment Policy.  This item will be approved if adopted along with the Consent Calendar.

 

BACKGROUND:  The State of California Government Code requires the District Board to annually review and approve the District Investment Policy.  The District’s current policy was adopted on September 20, 1997 and has been reviewed and approved annually by the Board since that time.  Additionally, State law, as well as District policy, requires that each quarter the Board receive and approve a report of investments held by the District.  This requirement has been met as the Board has received quarterly reports on the contents and performance of the investment portfolio since adoption of the investment policy.

 

EXHIBIT

5-A      Monterey Peninsula Water Management District Investment Policy

 

 

 

 

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