CC 10-10-23 Item No. 11 - Establish a General Fund Tax Repayment Reserve_Written CommunicationsCC 10-10-2023
Item No. 11
Establish a General Fund
Sales Tax Repayment
Reserve
Written Communications
From:Kitty Moore
To:Kirsten Squarcia; City Clerk
Subject:Written Communications Questions City Council Agenda Item 11 October 10, 2023
Date:Monday, October 9, 2023 9:59:30 AM
Dear City Clerk,
Councilmember Kitty Moore
Councilmember Questions/Written Communications
Cupertino City Council Special Meeting Agenda for October 10, 2023
Agenda Item 11: General Fund Sales Tax Repayment Reserve
Q1: What is our investment policy? Do we specify when we should diversify investment firms?
Q2: The City Council may appoint a Treasurer annually and review that position, but does not
appear to perform this duty. The last Treasurer appointment appears to have happened in 2014. Why
does the Council not comply with this?
Ca. Gov. Code 53607 Reporting
The authority of the legislative body to invest or to reinvest funds of a local agency, or to sell or exchange
securities so purchased, may be delegated for a one-year period by the legislative body to the treasurer of
the local agency, who shall thereafter assume full responsibility for those transactions until the delegation
of authority is revoked or expires, and shall make a monthly report of those transactions to the legislative
body. Subject to review, the legislative body may renew the delegation of authority pursuant to this section
each year.
Q3: How much do we pay for asset management services and how are they paid?
Q4: Does the investment policy specify when to have a new RFP?
Kitty Moore​
Councilmember
City Council
Kmoore@cupertino.org
(408) 777-1389