From
Diana G. Ortiz
Title
Resolution approving the City of Grand Prairie Investment Policy to become effective upon passage and approval
Presenter
Diana G. Ortiz, Chief Financial Officer
Recommended Action
Approve
Analysis
The City's Investment Policy is reviewed each year in accordance with State Law, Public Funds Investment Act of Texas. Furthermore, city staff submits its policy to the Government Treasurers' Organization of Texas (GTOT) in pursuit of achieving a Certificate of Distinction. GTOT awards this recognition to public entities' policies that meet program criteria, specifically for its comprehensive documentation and adherence to State Law.
The City received the GTOT award in 2017 and it is effective for two years. Staff Recommends the following changes to the policy.
Section IV.2 Update Repurchase agreements to comply with the Public Funds Investment Act
Section IV. 6 Update Public Funds Investment Pool to comply with the Public Funds Investment Act
Section VII Update Qualifying Institutions to comply with the changes to the Public Funds Investment Act
Section IX Add Letter of Credit as acceptable collateral for the City's bank deposits
The Finance and Government Committee reviewed the changes to the policy at the January 9th meeting and supports the updated policy.
Financial Consideration
There is no financial impact.
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 attached Investment Policy, including revisions to the Policy with the following:
Section 2. THAT Authorized Investments as listed in Section IV.2, Repurchase Agreements, and Section IV.6, Public Funds Investment Pools be revised in accordance with State Law, the Public Funds Investment Act; and
SECTION 3. THAT Qualifying Institutions as listed in Section VII of the policy be revised in accordance with State Law, the Public Funds Investment Act; and
SECTION 4. THAT A letter of credit issued by a Federal Home Loan Bank be added as acceptable collateral for the City's bank deposits.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, JANUARY 9, 2018.