HomeMy WebLinkAboutAgenda Report - September 18, 1996 (86)AGENDA TITLE: Presentation of award of MTA's Investment Policy Certification Program
MEETING DATE: September 18, 1996
PREPARED BY: Finance Director
RECOMMENDED ACTION: The City Council receive the award issued by the Municipal
Treasurer's Association of the United States and Canada for the
Investment Policy Certification Program.
BACKGROUND INFORMATION: Section 53601 of the California Government Code requires the City
Council to annually review and adopt the City's investment policy.
This policy must be in compliance with state laws governing the
investment of local agency funds and provides internal control guidelines to protect the funds of the City
from misappropriation, speculation, and fraud.
Last year the policy was submitted for the first time to the Municipal Treasurer's Association (MTA) for
their Investment Policy Certification Program. This program is designed to recognize outstanding
examples of written investment policies throughout the United States and Canada. The main purpose of
the program is to provide professional guidance and assistance in developing or improving existing
investment policies in the public sector. The City's policy received both the award, and comments from
the reviewers for improving the policy. Changes will be made to last years policy (presented in italics in
the policy) to incorporate these comments and recommendations into this years policy. Staff feels
confident the policy will meet the qualifications again this year for consideration under the Investment
Policy Certification Program.
Marcella Maxine Cadwallader, Revenue Manager, will be present to accept the award. Mrs. Cadwallader
is a Certified Treasurer, and is very active in the Municipal Treasurers Association. Her dedication and
hard work ensures the investment policy is not only in compliance with Government Code but is a
document of which the City can be proud.
FUNDING: None.
Vicky McAthie
Finance Director
APPROVED:
H. Dixon Flynn - City 11111inuger