DATE: June 12, 2018
SUBJECT:
Title
RESOLUTION AUTHORIZING THE REQUIRED ANNUAL ADOPTION OF BPC POLICY NO. 115, GUIDELINES FOR PRUDENT INVESTMENTS, WITHOUT ANY RECOMMENDED CHANGES TO THE CURRENT BPC POLICY NO. 115
Body
EXECUTIVE SUMMARY:
Board of Port Commissioners (BPC) Policy No. 115, Guidelines for Prudent Investments, requires that this policy, which contains the District's investment policy, be submitted annually to the Board of Port Commissioners for review and adoption by resolution. This policy is also updated for relevant legislative changes to California Government Code Section 53600 et seq. which details numerous requirements on how and where public funds may be invested.
The California Debt and Investment Advisory Commission (CDIAC) published a statutory update dated January 1, 2018 reflecting changes in the law with respect to public funds investments. There were no approved legislative changes to the local agency investment codes during the 2017 Legislative session. As such, staff recommends re-adoption of the existing BPC Policy No. 115, Guidelines for Prudent Investments.
RECOMMENDATION:
Recommendation
Adopt a Resolution authorizing the required annual adoption of BPC Policy No. 115, Guidelines for Prudent Investments, without any recommended changes to the current BPC Policy No. 115.
Body
FISCAL IMPACT:[h1]
This agenda item has no fiscal impact.
COMPASS STRATEGIC GOALS:[h2]
This agenda item supports the District's goal of a financially sustainable Port that drives job creation and regional economic vitality.
[h3]DISCUSSION:
As part of best practices and sound financial management and in accordance with BPC Policy No. 115, Guidelines for Prudent Investments, the Board of Port Commissioners reviews and adopts this policy annually taking into consideration changes in State law and other relevant factors and provides transparency and disclosure. Staff contacted the California Debt and Investment Advisory Commission (CDIAC), a State-s...
Click here for full text