TO: LINDA REICH, CITY MANAGER
FROM: ROB BURNS, DIRECTOR OF FINANCE
SUBJECT
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Annual Adoption of City of Chino and Successor Agency Investment Policy.
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RECOMMENDATION
Adopt City Resolution No. 2024-006 and Successor Agency Resolution No. 2024-001 containing the City of Chino and Successor Agency Statement of Investment Policy.
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FISCAL IMPACT
No fiscal impact to the City.
CITY OF CHINO MISSION / VISION / VALUES / STRATEGIC ISSUES
The recommendation detailed above furthers the City’s values and strategic issues that serve as key pillars on which identified priorities, goals, and action plans are built, by fostering:
• Financial Stability
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BACKGROUND
Per the City/Successor Agency Investment Policy, the City of Chino/Successor Agency is required to annually adopt a Statement of Investment Policy. The Statement of Investment Policy is designed to provide guidelines for the prudent investment of the temporarily idle cash of the City of Chino and Successor Agency and outlines the policies for maximizing the efficiency of the City’s cash management system.
ISSUES/ANALYSIS
The State of California issues the Local Agency Investment Guidelines in January of each year. These guidelines include a summary of statutory changes made during the prior calendar year. The Investment Advisory Committee met on February 12, 2024 to review the current Investment Policy considering regulatory changes noted in the Local Agency Investment Guidelines.
Based on a review of the updated guidelines and the current Statement of Investment Policy, no changes are needed to the current Investment Policy. Therefore, staff recommends the City Council/Successor Agency to the Chino Redevelopment Agency adopt City Resolution No. 2024-006 and Successor Agency Resolution 2024-001, adopting the Statement of Investment Policy.
Attachments: City Resolution No. 2024-006
Successor Agency Resolution No. 2024-001
Statement of Investment Policy
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