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Riverbank council adopts revised statement of investment policy
Summary
Council unanimously adopted updates to the city's investment policy recommended by Meteor Public Funds Inc., expanding eligible instruments, collateral rules and portfolio limits to enhance security and returns.
The City Council adopted revisions to Riverbank’s statement of investment policy after staff presented recommended changes made by the city’s new investment advisor, Meteor Public Funds Inc.
Assistant City Manager Camille Kantor summarized key amendments: authorization to invest in sub‑national obligations (with limits), negotiable certificates of deposit, state and local agency obligations, medium‑term notes, and certain mortgage‑pass‑through and asset‑backed securities subject to credit and maturity limits. The policy also added collateralization requirements for deposits over $250,000 and updated portfolio limit parameters (including a 30% cap on some instruments and a 20% limit on money market mutual funds).
Council members asked about pooled investments and joint‑power authority pools; Kantor said staff would monitor cash flow needs and investment allocations and that the changes are consistent with the state government code. Council voted to adopt the revised policy by roll call (5–0).
