Agenda

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City Council Regular Meeting

Meeting Date:

02/06/2024

BACKGROUND

The Investment Policy of the City of Schertz outlines the processes the City uses to determine and set its investment strategy. Much of the policy is outlined by Section 2256 of the Texas Government Code, called the Public Funds Investment Act (PFIA), which ensures public entities make safe choices as to how they invest city funds.

The top priority regarding investable public funds in both the Act and in the City Policy is the safety of the funds invested. This means low risk investments that can be easily withdrawn in the event the City needs funding. The policy's goals, in order, are safety, liquidity, diversification, and then earnings, with the first 3 helping to ensure the safety of public funds.

The City of Schertz Investment Policy requires an annual reaffirmation by City Council. On January 23, 2024, the Investment Advisory Committee reviewed and voted to send the policy to council with proposed changes for consideration. City Staff and the Investment Committee recommend City Council approve the Investment Policy with the following change to increase the number of council seats on the investment committee from 2 representatives to up to 3 representatives. This change was agreed upon unanimously by all committee members.

In attendance were, Mayor Ralph Gutierrez, Councilmember Allison Heyward, City Manager Steve Williams, Deputy City Manager Brian James, Assistant City Manager Sarah Gonzalez, EDC Director Scott Wayman, Finance Director James Walters, and Financial Analyst Mike Walkden.

The other proposed changes are to clean up and clarify sections of the document but do not significantly alter the requirements on the City or staff. A full red-lined copy of all proposed changes is attached to the agenda item.

Attachments
Resolution 24-R-09 with Attachment
Schertz Investment Policy Red Line Version