CC 05-16-2023 Item No. 4. City's Investment Policy_Updated Supplemental Report1
CITY COUNCIL STAFF REPORT
SUPPLEMENTAL 1
Meeting: May 16, 2023
Agenda Item #4
Subject
Consider accepting the City's Investment Policy
Recommended Action
Adopt Resolution No. 23-054 accepting the City's Investment Policy
Background:
Staff’s responses to questions received from councilmember are shown in italics.
Q1: My recollection is that it had been stated that by the Chandler manager the City had
directed the Chandler account to reduce the length of maturity. My understanding was
toward a goal of greater liquidity. This is over and beyond how maturity dates are
measured. This new strategy does not appear to be mentioned in this agenda item. Can
you please explain further? (Councilmember Mohan)
Staff response: During the April 24th Audit Committee Meeting, Carlos Oblites from Chandler
Asset Management stated that the change in strategy does not require any modifications to the
investment policy.
Attachments Provided with Original Staff Report:
A - Draft Resolution
B - Cupertino Investment Policy (Redline)
C - Cupertino Investment Policy (Clean)
D - Cupertino Investment Policy Statement Review Memo 20230420
5/16/2023
Removed Mayor Wei from
list of Councilmembers
asking questions.