HomeMy WebLinkAbout2023-36 - Statement of InvestmentRESOLUTION NO. 2023-36
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COSTA MESA,
CALIFORNIA, ADOPTING THE 2023-2024 STATEMENT OF INVESTMENT POLICY
FOR THE CITY, AND DESIGNATING THE FINANCE DIRECTOR, ACTING AS CITY
TREASURER, TO INVEST AND REINVEST IDLE MONIES OF THE CITY OF COSTA
MESA IN ACCORDANCE WITH THE 2023-2024 STATEMENT OF INVESTMENT
POLICY
THE CITY COUNCIL OF THE CITY OF COSTA MESA DOES HEREBY
RESOLVE AS FOLLOWS:
WHEREAS, the City Council has established and each year approves a Statement
of Investment Policy ("Policy") pertaining to idle funds under the control of the City
Treasurer; and
WHEREAS, the Policy specifies the City's investment objectives in accordance
with California law and provides a framework for managing and investing the City's funds
in accordance with these objectives; and
WHEREAS, the Policy provides that it must be reviewed on an annual basis by the
Finance and Pension Advisory Committee and approved by the City Council in an open
public meeting; and
WHEREAS, on February 23, 2023, the Finance and Pension Advisory Committee
reviewed the Policy and approved staff recommendation; and
WHEREAS, the City Council desires to approve the 2023-2024 Policy and
delegate authority to the City Treasurer to invest idle funds.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Costa
Mesa as follows:
1. In accordance with Section 53607 of the California Government Code, the
City Council hereby authorizes the Finance Director, acting as the City
Treasurer, (a) to invest such portion of idle money in the City Treasury, not
required for the immediate necessities of the City as is deemed wise or
expedient, in securities in which this City Council is authorized to invest
such sums by the provisions of Government Code Section 53601 and
Section 53635, in accordance with the provisions of the City's Statement of
Investment Policy; and (b) to sell, or exchange for other eligible securities,
Resolution No. 2023-36 Page 1 of 3
and reinvest the proceeds of the securities purchased. The City Treasurer
shall make a monthly report of such transactions to the City Council. This
delegation shall be valid for one (1) year pursuant to Government Code
Section 53607.
2. The City Council hereby adopts the 2023-2024 Statement of Investment
Policy as set forth in the attached document.
3. The City Clerk shall certify to the passage and adoption of this resolution,
and it shall be thereupon in full force and effect.
Resolution No. 2023-36 Page 2 of 3
PASSED AND ADOPTED this 20th day of June, 2023.
ATTEST:
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Brenda Green, dity Clerk
STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF COSTA MESA )
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APPROVED AS TO FORM:
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Kimberly H911 Barlow, City Attorney
I, BRENDA GREEN, City Clerk of the City of Costa Mesa, DO HEREBY CERTIFY
that the above and foregoing is the original of Resolution No. 2023-36 and was duly
passed and adopted by the City Council of the City of Costa Mesa at a regular meeting
held on the 20th day of June, 2023, by the following roll call vote, to wit:
AYES: COUNCIL MEMBERS: CHAVEZ, GAMEROS, HARPER, MARR, REYNOLDS,
AND STEPHENS.
NOES: COUNCIL MEMBERS: NONE.
ABSENT: COUNCIL MEMBERS: HARLAN.
IN WITNESS WHEREOF, I have hereby set my hand and affixed the seal of the
City of Costa Mesa this 21 st day of June, 2023.
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Brenda Green, C4 Clerk
Resolution No. 2023-36 Page 3 of 3
EXHIBIT A
2022-2023 STATEMENT OF INVESTMENT POLICY