DATE: August 6, 2015
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Russell Truell, Assistant City Administrator
SUBJECT:
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Consideration of Resolution 2015-65, A Resolution to Adopt an Updated Investment Policy for Non-Pension Assets ; (08/13/15 Finance 4-0; 08/25/15 BOMA 8-0 )
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Purpose
The purpose of this memorandum is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning the City’s policies for investment of non-pension assets.
Background
The City has a long-standing investment policy which limits the scope of investment of the City’s reserves and idle cash, outside temporary cash holdings. This policy should be reviewed periodically for changes in state and federal law, as well as changes in the overall market environment.
The changes proposed in the 2015 version of the City Investment Policy document incorporate recommendations from our investment and financial advisors. It also eliminates a list of appendices that will be placed instead in a Procedure Manual that will be developed by staff.
The Budget and Finance Committee approved the changes at its August meeting. This item was approved as part of the consent agenda on August 25 but the Resolution was not included in the materials provided to BOMA.
Financial Impact
No direct financial impact occurs as a result of the adoption of these policies.
Recommendation
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Staff recommends approval of the Resolution adopting the revised investment policy.