Date post: | 03-Jun-2018 |
Category: |
Documents |
Upload: | brian-davies |
View: | 218 times |
Download: | 0 times |
8/13/2019 2004-25 budget $7mm
http://slidepdf.com/reader/full/2004-25-budget-7mm 2/9
E That Department headsupon approval oftheCity Manager may authorize expendituresup
toand includingXn approved and assigned Department level funds
FThat Department heads upon approval of the City Manager may prepare aransfer of
funds within categories in assigned Department level budgets tomeet the goals and
objectives of the department
G Travel ReimbursementRate The mileage reimbursement rate shall be that allowed by the
latest Internal Revenue Service Publication as publicized This section adjustsAdmnistrative Policy936ection C
FI The schedule ofauthorized personnel positions Position Allocations asindicated inthe
plan approved for FY 3 4Upon job duty changes and review by Human
Resources and recommendation by Drectors the City Manager may adjust
Classifications
Section3 Investment Policy
The investment policy heretofore adopted by the City and the Redevelopment AgencyonJune 4 99 and the same is hereby reaffirmed and readopted as amended for the fiscal year
commencing July 2 3 SeeExhibitAttached
Section4 Proceeds ofTaxes AppropriationsLmt
The appropriations limit for proceeds of taxes is calculated by using either the Citysr the
Countysopulation growth The useof the Citysrowth forfcal year 3 4imit is
hereby adopted
The appropriations limit is also calculated by using either the change in California per capita
income orthe increase in local nonresidential assessed valuation due tonewconstruction The
Countysomputer system has been unable toprovide the latter Therefore the useof the
California per capita income factor ishereby adopted reserving the right torecalculate and amend
the appropriations lineonceheCounty canprovide the alternative data
used onthe above factors the appropriations limit for proceeds of taxes for fiscal year 2 4
Z S ishereby adopteda
F 4 5 7 66
Departments arehereby authorized toexecute expense for the fiscal year commencing July 2 3
8/13/2019 2004-25 budget $7mm
http://slidepdf.com/reader/full/2004-25-budget-7mm 3/9
PASSED APPROVEDANDADOPTED this 22nd day ofJune 2 4 by the followingvote
AYESBastidas Fesmre Godfrey BarbaHunt Friestad Wlson
NOESNone
ABSENTBethel
Glbert
JACQUELINEBETHELPRESIDENT
ATTEST
CHAERN NDEZaf
aaLCKAiY
8/13/2019 2004-25 budget $7mm
http://slidepdf.com/reader/full/2004-25-budget-7mm 4/9
EX eTTYOFIIO
Redevelopment AgencyPublic FinancingAuthorityOherEntities
INVESTMENTPOLICY
Policy
Itis the policy of the City of Indio toinvest public funds inamannerwhich will provide the
highest investment return vvith the maximum security While meeting the daily cash flow
demands of the entity and conforming toall State ofCalifornia and local statutes governing
the investment ofpublic funds TheCity of Indiowill operate its investment practices under
the PrudentPersonRueCaliforniaGovernment Code Section536 tates
When investing reinvesting purchasing acquiring exchanging selling and
managing public funds arustee shall act with careskill and prudence and
diligence under the circumstances then prevailing thataprudentperson
acting in
like capacity and farrriliarity withtheatters ould usein the ductoffunds
fike characterandwith like aimstsafeguard the principalandmaintain the
liquidity needsfleeagencys9
2Scope
This investment policy applies toall investments of the Cityof Indio anditscomponent units
the Indio Redevelopment Agency and other discrete entities under the control of the City of
Indio
his policy however specifcally excludes the employees retirement and deferred
compensation funds Additionally money held by atrustee or fiscal agent pledged tothe
payment orsecurity ofbonds orother indebtedness shall complywith CGCSection536
Objective
Theprimary objectives inpriority order of theCity of Indio investment activities shall be
tiue
Safetyof
principalis the foremost
objectiveofthe investment
programInvestments of
the City of Indio shall be undertaken in amannerthat seeks toensurethe preservationofcapital in the overall portfolio To attain this objective diversification is importantin order that any potential losses onindividual securities do not exceed the income
generated from the remainder ofthe portfolio
8/13/2019 2004-25 budget $7mm
http://slidepdf.com/reader/full/2004-25-budget-7mm 5/9
BLiquidity
The City of Indio investment portfolio will remain sufficiently liquid toenable the City
ofIndio tomeet all operating requirementswhichmight be reasonably anticipated
eReturnonnvestments
TheCity of Indio investment portfolio shall be designedwith the objective ofattainingarate of return throughout budgetary and economc cycles commensurate with the
City of Indio investment risk constraints and the cash flow characteristics of the
portfolios
4 Investment Instruments
Funds of the City Agency and Financing Authority may be invested in any instrument
allowable under current legislation of the State of CaliforniaGovernment Code Section
536 et seq so long as the investment is appropriate when investment objectives and
policiesaretaken intoconsiderationa
Allowable investment Instrumentsmay include
Treasury bligations BillsNotes andBonds
Government Agency Securities
Local Agency Investment Fund California State Pool
Certificates ofDeposit
CommercialPaper
Repurchase Agreement
MoneyMarket Funds bond reservesheld by trusteeonly
BankerscceptancesInterest earing hecking Accounts
General DemandCheckingAccounts
Prohibited Investments
Alocal agency shall not investany funds pursuant tothis article in inversefloaters
rangenotes orinterest only strips that arederived fromapool ofmortgages
Alocal agency shall not invest any fundspursuant tothis article in any security that
could result inzerointerest accrual ifheld tomaturity However alocal agency
may hold prohibited instrumentsuntil their maturity dates
5 InvestmentDversification
Investment practices will diversify the use of investment instruments to avoid incurringunreasonable risks inherent in ove investing in specific instruments individual financial
8/13/2019 2004-25 budget $7mm
http://slidepdf.com/reader/full/2004-25-budget-7mm 6/9
institutionsormaturitiesohat end notmorethan2Sof the portfolio shall be invested in
anyoneentityoranyoneinstrument with the following exceptions
Treasury Obligations
Local Agency Investment Fund California StatePool
6 InvestmentLimitations
Investment instruments and holdings will be limted tothe statutory limts imposed by the
CaliforniaGovernment CodeSection 536 f gasfollows
Commercial Paper Seneral Policy under L may be up to28Bankers Acceptances 4
altrltyLlmltatlons
Every investment instrument purchased must have aterm remaining tomaturity of less than
fiveSears The oneexception tothis limtation will be bond reserves andocapitalizedinterest accounts held by ahird party trustee
Delegation ofAuhorty
Authority tomanage the City of Indio investment program is derived from the California
Government Code Management responsibility for the investment program is hereby
delegated by the CityCouncil to the Finance Director wha shall operate consistent with this
investment policy operson may engage in an investment transaction except asprovided
under the terms of this policy and the procedures established by the Investment CommtteeThe Finance Drector shall be responsible for all transactions undertaken and shall establish a
system ofcontrols toregulate the activities ofsubordinate officials
9 InvestmentCommittee
The investment commttee is appointed by the City Council toserveinanadvisory capacityThe investment commttee will be composed of twomembers of the City Council City
Treasurer onecitizen at large the Finance Director and the City Attorney will be anex
officiomember The investment commttee is responsible for reviewing the citysnvestment
policy and recommending annual adoption of the policy by the City Council Individual
investment trades and purchases shall be done by the Finance Drector within the approved
policy and guidelines The Finance Drector will report all investment trades and transaction
tothe Investment Commtteeat least quarterly
Ethics and Conflicts ofInterest
Officers and employees involved in the investment process shall refrain frompersonal business
activity that could conflict with proper execution of the investmentprogramorwhich could
8/13/2019 2004-25 budget $7mm
http://slidepdf.com/reader/full/2004-25-budget-7mm 7/9
impair their ability tomake impartial investment decisions Employees and investment
officials shall disclosetothe Investment Commttee anymaterial financial interest in financial
institutions that conduct business within this jurisdiction and they shall further disclose any
large personal nancanvesmentpositions that could be related tothe performance of the
CityofIndio particularly with regard tohe time ofpurchases and sales
Authorized Financial Dealers and Institutions
The Finance Drector will maintain alist of financial institutions authorized toprovide
investment services In addition alist will also be maintained of approved security
bokeeaersselected by credit worthiness who areauthorized toprovide investment
services in the State ofCalifornia These may include primary dealers or regional dealers
that qualify under Securities Exchange Commssion Rule 5 3 uniformnet capital ruleNo public deposit shall be made except in aqualified public depository as established by
California laws
All financial institutions andbokeeaerswho desire tobecome qualified bidders for
investment transactinns mustcply the Finance
rectnWith thefnlnxngeg a tPd
financial statements proofofNational Association of Security Dealers certification trading
resolution proof of California registration completed bokereaer questionnaire
certification ofhaving read the City ofIndio investment policy and depository contracts
An annual review of the financial condition and registrations of qualified bidders will be
conductedby the Finance Drector
Acurrent audited financial statement is required tobe onile for each financial institution and
bokereaernwhich theCity ofIndio invests
2Collateralization
Collateralization will be required ontwotypes of investments certificates of deposit and
repurchase agreements In order toanticipate market changes and provide alevel ofsecurity
for all funds the Collateralization level will be 2ofmarket value of principal and
accrued interest The City of Indio chooses tolimit what is considered collateral tothe
following
IJSTreasury Securities
LTSAgency Securities
3Safekeeping andCustody
Al security transactions including collateral for repurchase agreements entered into by the
Cityof Indio shall be conducted onadeiveryesusaymenDVPbasis Securitieswill be
held by a third party custodian designated by the Finance Drector and evidenced by
safekeeping receipts
8/13/2019 2004-25 budget $7mm
http://slidepdf.com/reader/full/2004-25-budget-7mm 8/9
4Performance Standards
The investment portfolio shall be designed with the objective of obtaining arate of return
throughout budgetary and economc
cyclescommensurate with the investment risk
constraints and the cashflowneeds
Ao Market Meld nchmarkThe City of Indio investment strategy is passive Gven this strategy the basis
used by the Finance Drector todetermne whether market yields arebeingachieved shall be thesponhJSTreasury
5laeporting
The Finance Drector is charged with the responsibility of submitting aquarterly report on
investment activity and returns tothe CityCouncil The Investment Commttee will receive
quarterly reports of investment activity ifany investments have been purchased orsold duringthe previous quarter
6Investment PolicyAdoption
TheCity of Indio investment policy shall be adopted by resolution of the City Council ofthe
City ofIndoslegislative authority and the Indio Redevelopment Agency The policy shall be
reviewed annually by the Investment Commttee and anymodifications made theretomust be
approved bythe InvestmentCommttee and the
CityCouncil and
Agency
7Internal Controls
The investment function will be organized so that specific responsibility far the performance
ofduties is assigned with aclear lineofauthority and reporting The functions ofauthorizing
executing and recording transactions custody of investments and performing reconciliation rehandled by separate persons toreduce the risk that aperson is inaposition toconceal
errorsorfraud in the normalcourseofduty
While nointernal control system however elaborate canguarantee absolute assurancethat
the City and Redevelopment Agencysssets are safeguarded it is the intent of internal
controls toprovide reasonableassurancethat management of investments meet the objectivesof this policy The following segregation of responsibilities will form the basic system of
internal controls far investments
The table attachedshows the different levels ofapproval and oversight responsibility
8/13/2019 2004-25 budget $7mm
http://slidepdf.com/reader/full/2004-25-budget-7mm 9/9
FUNCTO RESPSLBLTY
Develop formal Investment Polic Finance Drector
Recommend modificationstoInvestment Polic Investment Commttee
Review Investment Policy and recommend toCityCouncgency InvestmentCommttee
hoard
Adotnvestment Polic Ct Council
Select Investments FinanceDrectorsca
Officer
Approve Transactions Ct Mana er orDesi need
Execute investment transactions Sectionunder reviewby Investment Finance Drector
Commttee FiscalOfficer
Investment Verificationmatchbroker confirmation toCity FiscalOceccountClerk
investment records AR
Record investment transactions into accounting records FiscalOceccountClerk
ARReconcile investment recordstoaccounting records and bank FiscalOceccountClerk
statements AR
Security TimeCDsrreceipt will be
maintained in the City vault in
the careof the Finance
Drector Allother securities
will be held third party
safekeepinReviewof ortfolio todetermne conformance toInvestment Polic Inde endentAuditors