HomeMy WebLinkAboutAgenda Report - September 18, 1991 (46)OF
CITY ITY CSF LODI
AGENDA TILE: Annual Investment Policy and Internal Control Guidelines
MEETING DATE: September 18,1991
PREPARED BY: Finance Director
ACTION: Mie City Cou nc i l adopt the attached Resolution approving the.
City's annual investment policy and internal control
guidelines.
BACKGROUND INFORMATION: Section 53601 of the California Government Code requires
the City Council to annually review and adopt the City's
investrnent policy. Accordingly, the attached policy
is presented for Council review and approval. This policy was fust reviewed and approved by the City
Council on October 1985. It is in comptiagce with state laws governing the investment of local agency
funds and provides internal control guidelines tD protect the funds of the City from misappropriation,
speculation, a -d fraud.
Additionally, this policy is annually reviewed by the City's audit firm (KPMG Peat Marwick) and has
been found to be in compliance viih Government Code.
FUNDING: None.
Attachment
APPROVED:
THOMAS A. PETERSON
city Manager
Respectfully,
F14
F1
Dtxo ynn
Finance Director
Chi
RESOLUTION NO. 91-175
A FI SIOLLTHON ADOPTING THE
STAIRVEN17 OF INVESIMWr POLICY
W EREAS legislation enacted by the Legislature of the State of California
requires the adopting by local agencies (cities, counties, special districts)
of an annual investment policy; and
WERFA� the City Council of the City of Lodi wishes to implement a
program of internal controls by which the City's investment program shall be
administered.
NOW, THEREFORE, BE IT RE5OLVID that the City Council of the City of Lodi
hereby adopts an investment policy and internal control guidelines as set forth
herein.
Date: September 18, 1991
I hereby certify that Resolution No. 91-175 was passed and adopted by the
City Council of the City of Lodi in a regular meeting held September 18, 1991
by the following vote:
Ayes: Council Members - Pennino, Pinkerton, Sieglock, Snider and
Hinchman (Mayor)
Noes: Council MemExis - None
Absent: Council Members - None
Attest:
Alice M. Reimche
City Clerk
91-175
RES91175/TXTA.02J