HomeMy WebLinkAbout02/04/2015 5E AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
SUBJECT: Adopt Resolution No. 3241 Study Session Date: January 28, 2015
-City of Bremerton Investment Policy COUNCIL MEETING Date: February 4, 2015
Department: Financial Services
Presenter: Mike Riley
Phone: 360-473-5303
SUMMARY: The Investment policy should periodically be reviewed and updated to reflect best
practices and changing local needs in order to provide for sound management of financial assets.
The City's policy was last updated in 2009. A review of the existing policy by the City's financial
advisor has resulted in recommended changes to reflect current best practices for internal controls,
diversification of the investment portfolio and reporting standards. The new policy has been
reviewed and approved for City Council consideration by the City Council Finance Committee which
serves as the City's Investment Committee. Due to reformatting and the addition of language and
definitions to reflect best practices the recommendation is to replace rather than update the current
policy.
ATTACHMENTS: Resolution No. 3241
Exhibit A: City of Bremerton Investment Policy
FISCAL IMPACTS (Include Budgeted Amount): There is no financial impact attributable to this
action.
STUDY SESSION AGENDA: ❑ No Presentation ® Full Presentation
STUDY SESSION ACTION: ® Consent Agenda ❑ General Business ❑ Public Hearing
RECOMMENDED MOTION:
Move to adopt Resolution No. 3241 approving the City of Bremerton Investment Policy as presented.
COUNCIL ACTION: []Approve ❑ Deny ❑ Table ❑ Continue ❑ No Action
Form Updated 01/07/15