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Redondo Beach commission adopts minor changes to investment policy, accepts quarterly treasury report
Summary
The Budget and Finance Commission approved updates to the city's investment policy to align with state rules and increased the Local Agency Investment Fund (LAIF) limit; commissioners also received and filed the treasurer's fourth-quarter fiscal report for 2024-25.
The Budget and Finance Commission on Aug. 14 approved two routine items from the City Treasurer: modest language changes to the City of Redondo Beach Investment Policy and the treasurer's fourth-quarter fiscal report for 2024-25.
The commission voted unanimously to recommend a revision of the investment policy that raises the city's dollar cap for deposits in the Local Agency Investment Fund (LAIF) from $65,000,000 to $75,000,000, the maximum amount permitted by state law, and to update policy language to mirror recent state changes regarding joint powers authorities. Commissioners then received and filed the treasurer's quarterly portfolio report.
Those actions came during the city treasurer's presentation. Eugene Solomon, Redondo Beach City Treasurer, said the adjustments were largely ministerial and…
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