HomeMy WebLinkAbout2008 02 25 Informational 103 City Funds in Reserve Fund-U.S. Treasury FundCOMMISSION AGENDA
ITEM 103
Consent
Informational X
Public Hearin
Re ular
February 25, 2008 MGR. /DEPT.
Regular Meeting Authorization
REQUEST: City Manager advising the City Commission of the forthcoming investment of City
Funds in the Reserve Fund-U.S. Treasury Fund and designation of the City Finance Director as
the City Manager's designee to execute investment transactions on behalf of the City.
PURPOSE: This agenda item is needed for the City Manager to advise the City Commission of the
forthcoming investment of City Funds in the Reserve Fund-U.S. Treasury Fund and of the designation
of the City Finance Director as the City Manager's designee to execute investment transactions on
behalf of the City.
CONSIDERATIONS:
In accordance with the Commission's previous direction, staff is facilitating transfer of the City's
available idle funds to the "Reserve Fund-U.S. Treasury Fund," a money market fund that invests
exclusively in securities backed by the full faith and credit of the U.S. government.
In completing the required documents for investment in the Reserve Fund, it is necessary for the City to
provide the Reserve Fund with a list of authorized persons to execute transactions on behalf of the City.
In accordance with the City Charter and City's Investment Policy, the City Manager is authorized to
execute investment transactions on behalf of the City. Additionally, in accordance with the City's
Investment Policy, Section IV, the City Manager may, with timely notice (prior to implementation) to
the City Commission designate in writing additional persons to have management responsibility for all
City funds in the investment program and investment transactions.
Please be advised that, consistent with the City's Investment Policy, I am naming City Finance Director
Michele Greco as an additional designated person authorized to execute transactions related to the
Reserve Fund. Upon the City Commission's receipt of notification of this designation, we will facilitate
the transfer of available funds to the Reserve Fund. This transfer is estimated to be approximately $14
million.
FUNDING:
Fees for the Reserve Fund are 13 basis points (.13%).
RECOMMENDATION:
Informational.
ATTACHMENTS:
COMMISSION ACTION: