Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Council adopts revised investment policy for city and redevelopment agency to expand allowable commercial paper and municipal obligations
Summary
The Reno City Council adopted a revised investment policy for the city and redevelopment agency that increases the allowable share of commercial paper in the portfolio and permits medium‑term municipal obligations from local governments.
An assistant finance director presented proposed revisions to the City of Reno and Redevelopment Agency investment policy and the Council moved to adopt the changes.
Staff said the updates align the policy with the fiscal sustainability goals in the council’s strategic plan and with Nevada Revised Statutes. The two principal revisions described by staff were: 1) increasing the allowable portfolio allocation to commercial paper from 10% to 25% while maintaining a 5% cap on any single issuer, and 2) permitting medium‑term obligations of local governments (instruments up to ten years) where previously only short‑term negotiable bonds were allowed. Finance staff said the changes offer more flexibility and may improve returns. The Financial Advisory Board reviewed and approved the changes on September 11.
Vice Mayor moved to adopt the revised investment policy for the City of Reno and the Redevelopment Agency; the motion received a second and the Council voted to adopt the policy. The assistant finance director said she is available for questions and none were raised on the record.
