HomeMy WebLinkAbout7/2/2014 - STAFF REPORTS - 2.J. {O�pALM sp4
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c4��FoaN�e. CITY COUNCIL STAFF REPORT
DATE: July 2, 2014 CONSENT CALENDAR
SUBJECT: APPOINT MAYOR STEPHEN POUGNET TO THE CITY'S INVESTMENT
COMMITTEE
FROM: David H. Ready, City Manager
BY: Department of Finance and Treasury
SUMMARY
On May 7, 2014, the City Council approved a new investment policy. Included in the
new policy is a provision for the appointment of a Council member to the City's
Investment Committee.
RECOMMENDATION:
1. Appoint Mayor Stephen Pougnet to the City's Investment Committee in
accordance with Section 17.0 of Resolution No. 23539.
STAFF ANALYSIS:
The City of Palm Springs has had an investment policy since 1985. A revised policy
was adopted on May 7, 2014 which now requires an appointment by the City Council of
a Council member to the Investment Committee.
Section 17.0 of the newly adopted investment policy states: "A committee comprised of
one Council member appointed by Council, the City Manager and the Director of
Finance/Treasurer, shall provide oversight of the City's investments. The Committee
shall meet quarterly to review the City's investment activity."
Traditionally the Mayor has served on the Investment Committee.
FISCAL IMPACT:
None.
ITEM NO.
City Council Staff Report
July 2, 2014— Page 2
Appoint Mayor Stephen Pougnet to the City's Investment Committee
Geoffrey S.Xiehl /J es Thompson
Director of Finance and Treasurer %Chief of Staff/ City Clerk
Douglas land David H. Ready
City Att rney City Manager
02