DATE: October 11, 2022
SUBJECT:
Title
RESOLUTION AUTHORIZING THE REQUIRED ANNUAL ADOPTION OF BOARD OF PORT COMMISSIONERS POLICY 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) published a statutory update dated January 1, 2022 reflecting changes in the law with respect to public funds investments. There were no approved legislative changes during the 2021 Legislative session that directly impact the District.
Staff recommends re-adoption of the existing BPC Policy No. 115, Guidelines for Prudent Investments.
RECOMMENDATION:
Adopt a Resolution authorizing the required annual adoption of BPC No. 115, Guidelines for Prudent Investments, with no changes from prior year.
FISCAL IMPACT:[h1]
Approval of 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.
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 relevant factors and provides transparency and disclosure. Staff contacted the California Debt and Investment Advisory Commission (CDIAC), a State-sponsored commission which provides information and policy research for pub...
Click here for full text