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Council adopts revised investment policy; staff says changes align with state law
Summary
Council approved changes to the city's investment policy to align with state code; staff said the revisions "are not directed to reduce or increase our expected rate of return" and that the city holds no commercial paper currently.
Councilmember Scott pulled agenda item 14B for questions before the consent vote. He asked whether the policy changes would alter expected interest returns and whether the city held commercial paper. City staff responded that the changes are intended to comply with state law and "are not directed to reduce or increase our expected rate of return."
Justin Rizzullo, representing PFM Asset Management, confirmed the city currently holds no commercial paper: "Commercial paper, there are no holdings at this time." After brief discussion about sector limits and reporting frequency, the council moved and unanimously approved the investment policy changes during the consent calendar roll call.
The revisions also included a change in reporting language (from required quarterly reports to a may/shall alignment with state code timelines) to provide operational flexibility. No numeric change to investment targets was offered during the discussion.
