To: BUDGET & FINANCE COMMISSION
From: EUGENE SOLOMON, CITY TREASURER
TITLE
title
REVIEW THE CITY’S STATEMENT OF INVESTMENT POLICY 2026, AS AMENDED, AND ANNUAL RENEWAL OF THE DELEGATION OF AUTHORITY TO THE CITY TREASURER
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EXECUTIVE SUMMARY
The City Treasurer strives to maintain a well-balanced and diversified investment portfolio that meets the investment criteria and performance objectives of the City's Statement of Investment Policy.
The City Council reviews and approves the City’s Statement of Investment Policy annually. Additionally, California Government Code Section 53646(a)(2) states that the treasurer or chief fiscal officer of a local agency may annually render to his/her legislative body and any oversight committee an investment policy, that the legislative body shall consider at a public meeting. While establishing an investment policy is not required, it is a best practice common in public funds investing to maintain an investment policy and complete an annual review and update.
This item provides the City Council the opportunity to approve the City’s Statement of Investment Policy, as amended, and also provide the annual renewal of the delegation of investment authority to the City Treasurer.
BACKGROUND
The 2026 updates to the City’s Investment Policy at a high level are intended to achieve:
Updates that allow the Investment Policy to define Permitted Investments to manage proceeds of the Measure FP Bond Issue
Incorporation of updates to the California Government Code in force as of January 1, 2026
Modernization and updates to authorized investment language to better align with the California Government Code
These edits should bring additional clarity and improve understanding of the document for readers and City practitioners. The following revisions are organized by section and subsection and are included in the attached Statement of Investment Policy Fiscal Year 2026:
Introduction and Objective. The marked-up language was ...
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