Posting Language
Title
Approve a resolution adopting the City of Austin Fiscal Year 2024-2025 Investment Policy.
Body
Lead Department
Financial Services Department
Fiscal Note:
This item has no fiscal impact.
Prior Council Action:
October 5, 2023 - Council approved Resolution No. 20231005-005 adopting the City of Austin Fiscal Year 2023-2024 Investment Policy on a 9-0 vote.
For More Information:
Belinda Weaver, Treasurer (512) 974-7885
Additional Backup Information:
The Public Funds Investment Act (PFIA), Chapter 2256 of the Texas Government Code, is the State law that governs the investment of public funds. In Section 2256(e), the PFIA requires governmental bodies to adopt an investment policy on an annual basis to serve as the guideline for the investment of public funds.
The PFIA provides the legal parameters for the City’s investments, which are further narrowed by adoption of specific investment policies by Council.
At this time, staff is proposing three recommended changes to the City’s Investment Policy. These redline edits can be found in the backup document for this Council Recommendation titled, Attachment 1 COA Investment Policy, Redline Proposed.
• Attachment 1, PDF Page 15 - Strengthening safety of principal requirements relating to credit rating downgrades.
• Attachment 1, PDF Page 23 - Addition of North Central Texas Council of Governments as an approved PFIA training source, and reflecting a name change for an already approved training source - Hilltop Securities.
• Attachment 1, PDF Pages 25-26 - Addition of a Glossary providing definition of terms.