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53-20
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53-20
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Last modified
10/20/2020 11:23:05 AM
Creation date
10/20/2020 11:22:28 AM
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Resolutions
Number
53-20
Date
10/15/2020
Description
Adopting the Revised Investment Policy
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Byte <br />1.0 Philosophy <br />It is the policy of the Town of Los Altos Hills to invest public funds in a manner that will <br />provide a reasonable rate of investment return while minimizing exposure to loss of capital <br />and thereby maintaining a consistent source of revenues for the Town. This policy <br />establishes the parameters for the Town's investment strategies. <br />2.0 Delegation of Authority <br />Authority to manage the Town of Los Altos Hills' investment program is derived from the <br />California Government Code Section 53600 et seq. The City Council shall approve all <br />modifications to the investment strategy and the selection or dismissal of an investment <br />advisor. Administration of the Council -approved investment strategy is hereby delegated <br />to the City Manager, who shall be responsible for supervising all treasury activities of the <br />Town's Finance Director and who shall establish written procedures for the operation of <br />the investment program consistent with this investment policy. Procedures should include <br />reference to: safekeeping, delivery vs. payment, investment accounting, wire transfer <br />agreements, banking service contracts and collateral/depository agreements. Such <br />procedures shall include explicit delegations of authority to persons responsible for <br />investment transactions. No person may engage in any investment transactions except as <br />provided under the terms of this policy and the procedures established by the City Manager <br />or her/his designee. The City Manager or her/his designee shall be responsible for all <br />transactions undertaken and shall establish a system of controls to regulate the activities of <br />subordinate officials. <br />3.0 Scope <br />This investment policy applies to all financial assets of the Town of Los Altos Hills. These <br />funds are accounted for in the Town of Los Altos Hills' Comprehensive Annual Financial <br />Report and include: <br />General Fund <br />Special Revenue Funds <br />Trust and Agency Funds <br />Enterprise Funds <br />Capital Projects Funds <br />Any new fund, unless specifically exempted <br />Approved by City Council- 10/15/20 <br />Town of Los Altos Hills <br />2020-21 Investment Policy <br />Resolution 53-20 Page 2 <br />
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