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Carlsbad board backs investment‑policy updates to tie liquidity to six‑month cash‑flow
Summary
The Investment Review Board voted unanimously to send proposed 2026 updates to the city’s investment policy to City Council, replacing a fixed two‑thirds‑of‑budget liquidity requirement with a rolling six‑month cash‑flow measure and aligning credit rules with state law, officials said.
City Treasurer Christian Peacock told the City of Carlsbad Investment Review Board on Dec. 1, 2025, that staff was proposing several updates to the city’s investment policy intended to better align the policy with cash‑flow needs and state guidance.
"The prudent investor standard requires us to act under prevailing conditions," Peacock said, arguing the proposed refinements would "strengthen liquidity discipline by more directly tying the portfolio to projected expenditures" and would not loosen safety requirements.
The proposed changes that the board approved for referral to City Council include: raising allowable allocations for municipal bonds from 15% to 20% and bankers’ acceptances from 25% to 40%; permitting money‑market mutual funds and mutual funds at a combined up to 20% of the portfolio; adding placement service deposits and certificates of deposit…
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