DATE: June 23, 2020
SUBJECT:
Title
RESOLUTION AUTHORIZING THE REQUIRED ANNUAL ADOPTION OF BPC NO. 115, GUIDELINES FOR PRUDENT INVESTMENTS, WITH NO CHANGES FROM PRIOR YEAR
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), a State-sponsored commission which provides information and policy research for public fund investments to local public agencies, published a statutory update dated January 1, 2020 reflecting changes in the law with respect to public funds investments. After research, analysis, and review of CDIAC's report on numerous legislative updates effective January 1, 2020, staff found that there were no approved changes to the local agency investment codes during the 2019 Legislative session that directly impact the District or require policy changes.
Therefore, staff recommends the required annual adoption of BPC Policy No. 115, Guidelines for Prudent Investments, with no changes to the policy.
RECOMMENDATION:
Recommendation
Adopt a resolution authorizing the required annual adoption of BPC Policy No. 115, Guidelines for Prudent Investments, with no changes from prior year
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FISCAL IMPACT:
This agenda item has no fiscal impact.
COMPASS STRATEGIC GOALS:
This agenda item supports the Port's strategic goal for a financially sustainable Port that drives job creation and regional economic vitality.
DISCUSSION:
As part of best practices and sound financial management and in accordance with BPC Policy No. 115, Guidelines for Prudent Investments, the Boa...
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