TITLE
Consider a memorandum/resolution approving the revised City of Killeen Investment Policy.
SUMMARY
AGENDA ITEM
Approval of the City of Killeen Investment Policy
ORIGINATING DEPARTMENT
Finance
BACKGROUND INFORMATION
The investment policy applies to the investment activities of the City of Killeen. It serves to satisfy the statutory requirements of Texas Government Code Chapter 2256 (the “Public Funds Investment Act”) and Chapter 2257 (the “Public Funds Collateral Act”) to define and adopt a formal investment policy. The City Council must approve the investment policy, with any necessary revisions, at least annually. Because the City of Killeen has complied by maintaining this policy and updating it in accordance with legislative mandate, we have received the Certificate of Distinction for Investment Policy from the Government Treasurer’s Organization of Texas (GTOT) multiple years since 2003.
DISCUSSION/CONCLUSION
The Investment Committee met and reviewed investment policy adjustments suggested by the City’s Investment Advisor, Valley View Consulting. The primary adjustment needed is in response to a legislative change to the Texas Public Funds Investment Act. The change reduced the required minimum training hours that investment officers must receive every two years from ten to eight hours.
RECOMMENDATION
Staff recommends approval of the revised City of Killeen Investment Policy.