From
Lee Harriss
Title
Resolution approving the City's Revised Investment Policy that incorporates Sports Facilities Development Corporation's (Sports Corp) Investment Policy and to become effective upon passage and approval
Presenter
Diana Ortiz, Chief Financial Officer
Recommended Action
Approve
Analysis
The City's Investment Policy is reviewed at least annually in accordance with State Law, Public Funds Investment Act of Texas (PFIA), or as deemed appropriate through other circumstances.
The scope of the City's amended investment policies will apply to investments of the Sports Corp, unless otherwise indicated. However, the investments for the Sports Corp will be separately and discretely managed apart from City funds.
The substantive sections that have changed for the City include:
Section I, including Sports Corp in the scope of the policy.
Section IV, VII, XIII, and XV specifying difference between City and Sports Corp.
Section IV.6(a) modifying to more closely align with language in the state law.
Section VIII, removing the statement for the city to hold safekeeping receipts.
Section IX, removing reference to a five-year maximum on securities pledged as collateral.
The Sports Corp Board has reviewed and adopted the policy as of August 6, 2018; and, the City Finance and Government Committee recommends its approval on August 7, 2018 and forward to the full City Council for approval.
Financial Consideration
There is no financial consideration.
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS, APPROVING THE CITY OF GRAND PRAIRIE REVISED INVESTMENT POLICY TO BECOME EFFECTIVE UPON PASSAGE AND APPROVAL
WHEREAS, it is the goal of the City to maintain a long-term, stable, and positive financial condition;
WHEREAS, well-planned and prudent public funds investment management is essential to achievement of the City's goal;
WHEREAS, the City is required by State Law to review, revise if necessary, and adopt the City Investment Policy on an annual basis.
NOW THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS THAT;
SECTION 1. THAT the City Council hereby adopts the Investment Policy, attached as Exhibit A, including revisions to the policy with the following:
SECTION 2. THAT incorporates the Grand Prairie Sports Facilities Development Corporation into its policy for administrative purposes, but distinguishes their unique guidelines throughout the policy.
SECTION 3. THAT modifies language regarding safekeeping and pledged securities policies.
SECTION 4. THAT revises language for updated position titles in the City.
SECTION 5. THAT updates terminologies and definitions consistent with state law.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, AUGUST 7, 2018.