Title
Approval of Updates to the City of Olympia Investment Policy
Recommended Action
Committee Recommendation:
The Finance Committee discussed the updated policy at their February 14, 2024 meeting and recommended approval of the updates.
City Manager Recommendation:
Move to approve updates to the investment policy as recommended by the Finance Committee.
Report
Issue:
Whether to to approve updates to the investment policy as recommended by the Finance Committee.
Staff Contact:
Aaron BeMiller, Finance Director, 360.753.8465
Presenter(s):
None - Consent Calendar item.
Background and Analysis:
The City of Olympia Investment Policy provides direction on how City funds may be invested. Updates to the policy include language additions/updates as well as updates to authorized and suitable investments to better align with statute. The Investment Policy defines the parameters within which funds are to be invested by the City of Olympia. This policy also formalizes the framework, of Olympia's Policy and Procedures, to provide the authority and constraints for the City to maintain an effective and judicious management of funds within the scope of this policy.
The City of Olympia's investment authority is derived from RCW Chapters 35A.40.050 and 35.39.032. The investment program shall be operated in conformance with Washington Revised Statutes and applicable Federal Law. All funds within the scope of this policy are subject to regulations established by the State. The policy establishes standards and guidelines for the direction, management, and oversight for all of the City of Olympia's investable cash and funds. Funds must be invested prudently to assure preservation of principal, provide needed liquidity for daily cash requirements, and provide a market rate of return. All investments must conform to federal, state, and local statutes governing the investment of public funds.
Washington Public Treasurers Association (WPTA) has awarded a Certificate of Exce...
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