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STAFF REPORT <br />ITEM NO. <br />DATE: JANUARY 19, 2010 <br />TO: HONORABLE MAYOR AND CITY COUNCIL lq_,VV <br />FROM: AURELIO DE LA TORRE, CITY TREASURER <br />SUBJECT: DELEGATION OF INVESTMENT AUTHORITY TO THE CITY <br />TREASURER <br />RECOMMENDED ACTION <br />The Treasurer recommends that the City Council approve and adopt a resolution delegating the investment <br />authority to the Treasurer. <br />GOAL STATEMENT <br />The purpose of this Investment Policy is to provide governing guidelines for the City of Colton for prudent <br />cash management and investment of public funds until such time as the funds are needed to pay the <br />obligations of the City. <br />BACKGROUND <br />The California Government Code, Section 53607, allows the City Council to delegate the authority to invest <br />funds of the City to the Treasurer for a one year period. This authority is valid one year or until revoked. <br />ISSUES/ANALYSIS <br />With the delegation of investment authority, the Treasurer assumes full responsibility for the planning, <br />strategy and execution of investment for City pooled funds and bond proceeds. The Deputy Treasurer / <br />Finance Director provides backup in the absence of the Treasurer to ensure a smooth operation and checks <br />and balances. <br />FISCAL IMPACTS <br />None. <br />ALTERNATIVES <br />1. Provide alternative direction to staff. <br />ATTACHMENTS <br />Investment Policy <br />Resolution No. 'R- 0 1 - i 0 <br />