Title
City Investment Policy Recommendation
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Move the approve the draft updated City Investment Policy and forward a recommendation to full Council for consideration.
Report
Issue:
Whether to approve the draft updated City Investment Policy and forward a recommendation to full Council for consideration.
Staff Contact:
Aaron BeMiller, Finance Director, 360.753.8465
Presenter(s):
Aaron BeMiller, Finance Director
Dave Westcott, CEO/CCO/Senior Portfolio Advisor, GPA
Whitney Maher, Client Services Manager, GPA
Background and Analysis:
It is a best practice to periodically review and update the City's Investment Policy. Washington State Statute was updated in 2016 allowing for the addition of Corporate Notes and Supranationals. Washington local governments like the City of Olympia have added both investment types into their portfolios with success as this is providing increased diversification in asset types.
This year, the updates to policy are being presented to align to statute and Washington State Investment Board Guidelines, and also include updated best practice recommendations from the Government Investment Officers Association (GIOA) and Washington Public Treasurer's Association (WPTA).
Climate Analysis:
This agenda item is expected to result in no impact to greenhouse gas emissions.
Equity Analysis:
One of the goals of the City's budget process is to ensure that city services are provided equitably to our residents and business communities, as well as the greater Olympia community. This agenda item is not expected to further impact known disparities in our community.
Neighborhood/Community Interests (if known):
Members of the community may have an interest in this agenda item as it deals with City finances and fiscal governance.
Financial Impact:
There is no financial impact.
Options:
1. Approve the draft policy and send to full Council ...
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