101-Staff Report.pdf
ADMINISTRATIVE SERVICESDEPARTMENT
CITY HALL
1010300 TORRE AVENUE • CUPERTINO, CA 95014-3255
TELEPHONE: (408) 777-3227www.cupertino.org
CITY COUNCIL STAFF REPORT
Meeting:May 3, 2011
Subject
Annual adoption of City Investment Policy
Recommended Action
Adopt the City Investment Policy as of May 3, 2011.
Description
No substantive policy changes are proposed.
Discussion
The California Government Code requires a statement of investment policy to be reviewed
and adopted by the City Council on at least an annual basis. This statement is intended to
provide guidelines for the prudent investment of the City’s temporary idle cash and outline the
policies for maximizing the efficiency of the City’s cash management system. The ultimate
goal is to enhance the economic status of the City while protecting its pooled cash.
No substantive changes are proposed for this year’s policy. Two minor revisions, relatedto
investmentperformance and security safekeeping reporting, are recommendedin order to
make the overall document consistent with the move to quarterly reporting that was authorized
by this policy a year ago. The changes are indicated in the attached policy.
The Audit Committee acceptedthepolicy and the proposed changes onApril 21, 2011.
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Prepared by:David Woo, Deputy Treasurer
Reviewed by: Carol A. Atwood, City Treasurer
Approved for Submission by:David W. Knapp, City Manager
Attachments:Draft Investment Policy