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TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: DENNIS McLEAN, DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY
DATE: JUNE 17, 2003
SUBJECT: CITY INVESTMENT POLICY – FY 2002-2003
Staff Coordinator: Gary Gyves, Senior Administrative Analyst
RECOMMENDATION:Adopt the FY 2002-2003 investment policy for the City of Rancho Palos Verdes.
law requires that public agencies adopt an investment policy annually.
No significant changes to California law have occurred during FY 2002-2003
modification to the City's investment policy. As a result, the attached
policy is essentially identical to the investment policy adopted for FY 2002-2003.
The policy continues to emphasize the practice of using the State's Local
Agency Investment Fund (LAIF) for the City's investments. As criteria for
of investments the policy maintains the use of the following factors
(listed in order of priority): safety, liquidity, and yield. The policy continues
require the City Treasurer to submit a monthly report to the City Manager
and City Council detailing the City's investment activity and policy compliance.
Each year, as a part of the City's annual independent audit, there is
review of the City's Investment Policy regarding compliance with the Policy
These review procedures will be performed in conjunction with the internal
control testing applied to City policies. Any discrepancies will be reported
directly to the City Council in the auditor’s management letter issued
upon the completion of their examination.Respectfully submitted,
Director of Finance and Information Technology/City TreasurerReviewed: