Item Coversheet

CITY OF RIVIERA BEACH CITY COUNCIL
AGENDA ITEM SUMMARY

Meeting Date: 3/16/2016 
Agenda Category:REGULAR RESOLUTION
Subject: Recommended changes by Investment Managers, Public Trust Advisors to the City's Investment Policy.
Recommendation/Motion: Receive presentation from John Grady of Public Trust Advisors and adopt changes to the Investment Policy. 
Originating Dept Finance  Costs There is no cost. This resolution is to update the City's Investment Policy with the recommeded changes per Public Trust Advisors, Investment Manager. 
User Dept.Finance Funding SourceN/A
AdvertisedNo Budget Account NumberThere is no cost. This resolution is to update the City's Investment with the recommended changes per Public Trust Advisors, Investment Manager.
Date   
Paper   
Affected PartiesNot Required   
Background/Summary: 

It is essential for the City to ensure the prudent management of public funds, the availability of operating and capital funds when needed and an investment return competitive with comparable funds and financial market indices. The purpose of the Investment Policy is to set forth the investment objective and parameters for the management of public funds and of the City. The current Policy was adopted in October 2013. The City's Investment Manager is recommending changes to the Policy.

Public Trust Advisors has recommended changes to the Investment Poicy to include:

- A Triple A rated (AAA) Asset Backed Security as an additional sector within the corporate sector as an opportunity to further diversify the investment portfolio.

- A slight increase within the existing permitted investment to allow more flexibility for investment options.

These changes will allow a more dynamic managed investment strategy to expand the asset allocation from a single class and implement a laddered maturity structure for higher income opportunity.

 
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In-kind Match (city) 
Net Fiscal Impact
NO. Additional FTE Positions
(cumulative)

III. Review Comments

A. Finance Department Comments:
 
B. Purchasing/Intergovernmental Relations/Grants Comments:
 
C. Department Director Review:
Contract Start Date 
Contract End Date
Renewal Start Date
Renewal End Date
Number of 12 month terms this renewal
Dollar Amount
Contractor Company Name
Contractor Contact
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Type of Contract
Describe
ATTACHMENTS:
File NameDescriptionUpload DateType
Resolution_Investment_FINAL_RMS.docRESOLUTION11/24/2015Resolution
Investment_Policy_DRAFT_2015_UPDATE_Redline.docNew Policy-Include Recommeded Changes to Investment Policy11/12/2015Backup Material
Investment_Policy-10-2-13.pdfCurrent Investment Policy11/12/2015Backup Material
REVIEWERS:
DepartmentReviewerActionDate
Financesherman, randyApproved11/20/2015 - 8:07 AM
Financesherman, randyApproved11/20/2015 - 8:07 AM
AttorneyAnswererApproved11/23/2015 - 1:47 PM
City ClerkRobinson, ClaudeneRejected11/23/2015 - 2:26 PM
Financesherman, randyApproved11/23/2015 - 3:28 PM
Financesherman, randyApproved11/23/2015 - 3:31 PM
AttorneyAnswererRejected11/24/2015 - 10:55 AM
Financesherman, randyApproved11/24/2015 - 11:07 AM
Financesherman, randyApproved11/24/2015 - 11:10 AM
AttorneyAnswererApproved11/24/2015 - 2:50 PM
City ClerkRobinson, ClaudeneApproved11/24/2015 - 5:30 PM
City ManagerAnswererApproved11/24/2015 - 5:39 PM