During the fiscal year of 2012/13, the City’s idle funds were invested in accordance with the Investment Policy of the City, reviewed quarterly by the Investment Advisory Committee.
All securities transactions cleared through the custodial agent. Portfolio holdings were diversified in both issuer and maturity to mitigate concentration, credit and duration risks.
Cash management provided sufficient liquidity to meet operational needs.
Accounts payable checks and payroll checks were disbursed in a timely manner as prescribed by City policy.
The City Treasurer and staff attended seminars and conferences sponsored by relevant professional organizations in order to keep current with proposed and enacted legislation and to enhance knowledge and skills relative to investment and cash management.
Completed the RFP process to consolidate banking and brokerage activity to reduce cost and time associated with the use of multiple banking and broker institutions.
Assessed treasury needs to consolidate and streamline functions essential to the delivery of departmental services.
Accepted the City’s current investment policy to be consistent with relevant Government Code sections governing investments by local agencies.