HomeMy WebLinkAbout3955 ORDINANCE NO.
AN ORDINANCE relating to and establishing a City
Investment Committee composed of the Mayor,
Administrative Services Director, City Treasurer,
Budget Analyst, Chair of the Fiscal and Budget
Committee and designating the City Attorney as Committee Le§al
Advisor; authorizing investments by the City Treasurer;
providing for Commmittee meetings; delegating authority
to apportion earnings on pooled investments and
oversee interfund loans; directing certain reports;
establishing investment policies; and repealing
Ordinance No. 2869 and Ordinance No. ~771.
THE CITY COUNCIL OF THE CITY OF BREMERTON DOES HEREBY ORDAIN:
SECTION 1: INVESTMENT COMMITTEE AUTHORITY - As contemplated
by RCW 35.39.032 there is created an Investment Committee
composed of the Mayor, Administrative Services Director, City
Treasurer, Budget Analyst, and Chair of the Fiscal and Budget
Committee or other Council member as determined by the Council
Fiscal and Budget Committee, which Committee is authorized on
behalf of the City to invest all monies in the City Treasury
which, in the judgment of the Committee, are in excess of current
City needs or which are contained in inactive funds. The
Committee may, in its discretion, include as a non-voting member
of the Committee an individual chosen from the public sector with
appropriate technical expertise. The City Treasurer is directed
to implement the Investment Committee's decisions and to hold
such investments for the credit of the funds for which purchased.
The City Treasurer is authorized to convert the securities,
or any part thereof, into cash. (S)he shall report to the City
Investment Committee, monthly, all investment transactions and
shall be subject to the guidance and control of the Committee.
The City Attorney, or an Assistant City Attorney, shall be
the legal advisor to the Committee.
SECTION 2: MEETINGS - The Investment Committee shall
annually elect the Chairperson of the Committee.
The Investment Committee shall meet monthly. Any voting
member may call a special meeting by giving notice to all
members.
SECTION 3: FUND INVESTMENTS; INTERFUND LOANS - The
Investment Committee may, in its discretion:
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(a) Determine which funds shall be invested on an
individual fund basis and which funds shall participate within
one or more common investment portfolio(s);
(b) Apportion earnings and losses to those funds
participating in a common investment portfolio. Those funds
shall receive a return in proportion to the amount of money
earned by each, and the remainder shall be allocated to the
general fund, as authorized by state law;
(c) The Investment Committee shall submit to the City
Council a resolution establishing general criteria and procedures
for interfund loans which shall, at a minimum, include the
criteria set forth in Part 3, Chapter 4, §A of the BARS Manual;
(d) The City ~reasurer shall make all interfund loans
in accordance with the resolution establishing general interfund
criteria and procedures and shall obtain Council approval prior
to consummation of the loan by resolution.
SECTION 4: INVESTMENT POLICIES -
(a) The City's common investment portfolio(s) shall be
managed to further this financial objective: To maximize the
City's return on investment dollars consistent with sound
investment principles;
(b} The Investment Committee shall only authorize the
types of investments set forth by state law and which are in
accord with the U.S. Internal Revenue Code and other appropriate
authorities. All investments shall be made in accord with
Article V, §25 of the Bremerton City Charter;
(c) The Investment Committee shall develop such
policies and procedures as are necessary to facilitate the
investment process.
SECTION 5: REPORTS -
ANNUAL - An annual investment plan regarding the City's
investment program for the ensuing fiscal year shall be prepared
by the Committee for adoption by the City Council by resolution.
The report, due no later than October 15th, shall present a
complete investment plan including a discussion of the current
market for investments, an analysis of portfolio liquidity
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vis-a-vis anticipated cash needs, and a forecast of anticipated
yields for the ensuing year. This annual investment plan shall
incorporate any proposed revisions to City investment policies
which the Committee shall find advisable including, but not
limited to, apportionment of interest by fund and for interfund
loans. An annual evaluation report, due no later than April 1,
shall also assess the City's performance in meeting its goals and
compare its performance with the results of investments by other
governmental entities in Washington.
MONTHLY - After the end of each month, the Investment
Committee shall make a monthly report to the City Council of all
investment transactions, which report shall describe any material
change in the City's investment portfolio and its investment
practices.
SECTION 6: REPEAL OF PRIOR ORDINANCES - Ordinance No. 2869
and Ordinance No. 3771 are hereby repealed.
APPROVED by the City Council on the first reading this ~
day of ~0-k~m~.. , 1985.
PASSED by the City Council of the City of Bremerton, signed
by the Mayor and attested to by the City Clerk in authentication
of such passage this \3 day of ~c~ , 1985.
MOR IE DAWK~N'S, Mayor
ATTEST:
City Clerk
C[TYBiLLDistrictCOUNCILAMoi Cit Of BremertorL
E.L. STURDIVANT 239 FOURTH STREET
District 2 BREM ERTON, WASHINGTON 98310
ROY T. MOSELY (206) 478 - 5252
District 3
JIM ADRIAN
District 4
CLYDE L. PACHEK
Dsitrict 5 MAYOR MORRIE DAWKINS
ART ANDERSON
District 6
PHIL DROUIN TO: City Council
Dsitrict 7
SPENCER HORNING
District8 FROM: Russ Johnson, Chairman
RUSS JOHNSON Fiscal & Budget Committee
District 9
SUB J: Administration Management relative to Investment Committee Ordinance
DATED: February 21, 1985
As requested in the 1985 SLI Item #24a,h, the following is provided to
Council relative to the subject Investment Conanittee Ordinance:
1) The cognizant City department for this ordinance is the Department
of Administrative Services.
2) The ordinance must be reviewed in January 1990 at the latest.
3) The ordinance sets the framework for establishment of an Investment
Committee. The Committee when established will develop the
specific policies to direct daily investments of City funds
consistent with the City's cash flow needs, risk, current RCW
requirement s, etc.
4) There will be an initial small impact on the Department of
Administrative Services as well as the Fiscal and Budget Committee
developing the initial policy as several meetings will have to be
attended. Subsequent to development of policies, there should be
little or no impact other than the regularly scheduled monthly
meetings as noted in Section 2 of the ordinance.
5) There will be no changes in personnel levels in the Department as
a result of passage of this ordinance.
Respectfully
Russ Johnson, Chairman
Gateway to the Olympics and Home of the Puget Sound Naval Shipyard