The Public Funds Investment Act (PFIA) under Sec. 2256.005(e) requires the governing body of an investing entity to review its investment policy and investment strategies not less than annually. This section of the PFIA further requires that the governing body shall adopt a written instrument by rule, order, ordinance, or resolution stating that it has reviewed the investment policy and investment strategies and that the written statement so adopted shall record any changes made to the investment policy or investment strategies.
On October 21, 2014, the City Council entered into an agreement with an investment advisory and management firm to manage the City’s investment portfolio and to comply with all reporting requirements of the Public Funds Investment Act.
Subsequently, the City Council adopted significant changes to the City’s investment policy in the December 2014 update. No changes are being recommended to the investment policy or to the investment strategies in this annual update for 2016. |