HomeMy WebLinkAbout2010-065-10/05/2010-APPROVING AN AMENDMENT TO THE ASSET ALLOCATION PARAMETERS OF THE CITY'S INVESTMENT POLICY RESOLUTION 2010-065
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROVING AN AMENDMENT TO THE ASSET ALLOCATION PARAMETERS
OF THE CITY'S INVESTMENT POLICY
WHEREAS,Article V, Section 12 of the City Charter states that the cash balance of the City
shall be deposited or invested in a manner approved by the City Council; and
WHEREAS, the types of securities in which City funds may be invested have been
established in Ordinance No. 108, 1988 and amended by Ordinance No. 090, 1993; and
WHEREAS, the City Council has adopted Resolution 1990-044 authorizing a Cash
Management and Investment Policy that establishes guidelines and limitations to be followed by
City staff in managing the investment of City funds; and
WHEREAS, by Resolution 2008-121, the City Council has also adopted a new Investment
Policy dated December 2, 2008 (the"Investment Policy")that reflects the current financial markets
and provides guidance to the Financial Officer on prudent investment practices to protect investment
principal and maximize return on City investments; and
WHEREAS, City staff has recognized the ongoing turmoil in the financial markets and
recommends amending the Investment Policy to increase the percentage of City investments that
may be allocated to Certificates of Deposit as those investments will maximize investment returns,
minimize investment risk, and provide needed flexibility; and
WHEREAS, City staff has put on file with the Office of the City Clerk the proposed
amendments to Section VII.1., Diversification and Asset Allocation, of the Investment Policy; and
WHEREAS, the City Council believes it is in the best interests of the City to approve the
amendment to the Investment Policy.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS, that the Investment Policy dated December 2, 2008 is amended to increase the
percentage of City funds that may be invested in Certificates of Deposit.
Passed and adopted at a regular meeting of the Counc' the City of Fort Collins this 5th
day of October A.D. 2010.
Mayor
ATTEST:
^City-Clerk