Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Council updates investment policy statements for core/liquidity and permanent fund
Summary
The governing body approved two resolutions updating the city's investment policies: R-67 adjusts core and liquidity portfolio rules and review frequency; R-68 clarifies the definition of 'consultant' for the permanent fund. Both were recommended unanimously by the investment advisory board.
The council approved two related resolutions updating the city's investment policy statements.
Carol Harmel of Financial Services said R-67 revises the policy governing the city's core and liquidity portfolios with formatting changes, incorporation of statutory language about permissible investments, a change to a two-year review cycle in keeping with state statute, and a three-year effective duration ceiling. She said the investment advisory board unanimously recommended the changes. The council moved and approved R-67 and R-68 by roll call.
