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Item #15 <br />CITY OF COLTON <br />AGENDA REPORT <br />FOR THE COUNCIL MEETING OF August 19, 2003 <br />TO: Honorable Mayor and City Council Members <br />FROM: Michael Williams - Treasurer�� <br />SUBJECT: Delegation of investment authority to the City Treasurer <br />DATE: August 13, 2003 <br />BACKGROUND: <br />The California Government Code, section 53607, allows the City Council to delegate the <br />authority to invest funds of the city to the treasurer for a one year period. This authority is <br />valid for one year or until revoked. <br />ANALYSIS/DISCUSSION: <br />With the delegation of investment authority, the treasurer assumes full responsibility for <br />the planning, strategy and execution of investments for City pooled funds and bond <br />proceeds. The investment of City funds over the past 15 years has been in a <br />conservative manner to the benefit of the City. The deputy treasurer and the finance <br />director provide backup in the absence of the treasurer to insure a smooth operation and <br />checks and balances. <br />ENVIRONMENTAL IMPACT: <br />There are no environmental impacts on this issue. <br />FISCAL IMPACT: <br />There could be negative financial impacts for delegating the authority to an individual <br />without experience and training in this important function. <br />