Title
City Investment Update
Recommended Action
Committee Recommendation:
Discussion only. No action requested.
City Manager Recommendation:
Receive an update regarding City investments.
Report
Issue:
Whether to receive a presentation regarding city investments.
Staff Contact:
Aaron BeMiller, Finance Director, 360.753.8465
Presenter(s):
Dave Wescott, Senior Portfolio Advisor, Government Portfolio Advisors
Background and Analysis:
RCW 35A.040.050 authorizes cities in Washington to invest funds that are surplus to the immediate need of supporting current expenses. State statute has specific requirements about investment vehicles for public funds. In addition, the City Council approved an Investment Policy that provides additional guidelines on how the City will invest those funds. The City’s investment portfolio is managed by the finance department, in partnership with our investment consultant, Government Portfolio Advisors (GPA).
GPA’s Senior Portfolio Advisor will be provide an update regarding the City’s investments.
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 and/or financial processes 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 related to the discussion.
Options:
1. Receive the presentation on city investments.
2. Do not receive the presentation on city investments.
3. Reschedule the presentation to a future meeting.
Attachments:
None