DATE: September 14, 2021
SUBJECT:
Title
RESOLUTION AUTHORIZING THE REQUIRED ANNUAL ADOPTION OF BPC POLICY NO. 115, GUIDELINES FOR PRUDENT INVESTMENTS INCLUDING UPDATES RELATED TO CERTAIN AUTHORIZED AND PROHIBITED INVESTMENTS
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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 effective January 1, 2021 reflecting changes in the law with respect to public funds investments. After review and analysis of the CDIAC update, staff recommends updating BPC Policy No. 115 to reflect changes to certain authorized and prohibited investments in Government Code Section 53600 et seq.
RECOMMENDATION:
Recommendation
Adopt a resolution authorizing the required annual adoption of BPC Policy No. 115, Guidelines for Prudent Investments with updates to reflect changes to certain authorized and prohibited investments in the Policy.
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FISCAL IMPACT:[h1]
This agenda has no fiscal impact.
COMPASS STRATEGIC GOALS:[h2]
This agenda item supports the District's goal for 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 annually reviews and adopts this policy taking into consideration changes in State law and other...
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