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File #: 200946.    Version: Name:
Type: Staff Recommendation Status: Passed
File created: 3/12/2021 In control: Audit and Finance Committee
On agenda: 4/1/2021 Final action: 4/1/2021
Title: GRU Investment Policy (B)
Attachments: 1. 200946_GRU_Investment_Policy_Statement_Final_20210324

Title

GRU Investment Policy (B)

Explanation

This item addresses the last outstanding item from the City Auditor’s review of GRU investments which related to updating GRU’s investment policy. GRU Treasury staff worked with a subsidiary of our financial advisory firm, PFM Asset Management LLC, to update our investment policy to incorporate current best practices in the governmental treasury and investment environment. Significant changes to the policy included but were not limited to:

• Expanding on performance measurement by specifying benchmarks in accordance with Florida Statutes

• Adding short-term and long-term benchmarks to allow for better risk and return monitoring

• In accordance with other local government entity best practices, reduced 10-year maximum maturity limits to 5 years

• Reduced the ratings requirements for corporate notes to a rating in the “A” category to reflect current market issuance patterns and allow for more diversification and flexibility

• Added annual reporting to the City Commission

Fiscal Note

None.

 

Recommendation:

The Audit and Finance Committee recommends that the City Commission approve the updated GRU Investment Policy.

 

 




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