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City Treasurer presents investment policy update and economic indicators; council accepts report
Summary
The City Treasurer presented the FY2026–27 investment policy (minor code-aligned edits) and March financial statistics, reporting $4.4M interest earned in the first nine months and a projected FY-end of ~$5.4M; council accepted the treasurer's report and investment policy on a unanimous vote.
Galt City’s treasurer delivered the city’s annual investment-policy update and economic report on May 5, proposing three edits to align the policy with state and federal rules and noting local housing and employment indicators.
The treasurer said the proposed updates to the FY2026–27 investment policy were: (1) update the fiscal-year reference; (2) add a reference to Senate Bill 852 requiring investment managers to file Form 700 electronically through the FPPC e-filing system; and (3) change the maturity limit for commercial paper from 270 days to 397 days to align with SEC Rule 12-7A. The treasurer said the city has not historically invested in commercial paper and that the changes primarily align local policy to state and federal rules.
On local indicators, the treasurer reported March and April home-sales data (March median closed price ~$545,000; April closed price ~$520,000) and cited a Galt unemployment rate of about 6.3% based on ED’s website. He also said the city had earned about $4.4 million in interest for the first nine months of the fiscal year and projected roughly $5.4 million by year-end, still below last year’s ~$5.9 million due to lower market rates.
Council voted unanimously to accept the treasurer’s report and adopt the investment-policy updates.
