2004-25 budget $7mm

8/13/2019 2004-25 budget $7mm

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8/13/2019 2004-25 budget $7mm


E That Department headsupon approval oftheCity Manager may authorize expendituresup

toand includingXn approved and assigned Department level funds

FThat Department heads upon approval of the City Manager may prepare aransfer of

funds within categories in assigned Department level budgets tomeet the goals and

objectives of the department

G Travel ReimbursementRate The mileage reimbursement rate shall be that allowed by the

latest Internal Revenue Service Publication as publicized This section adjustsAdmnistrative Policy936ection C

FI The schedule ofauthorized personnel positions Position Allocations asindicated inthe

plan approved for FY 3 4Upon job duty changes and review by Human

Resources and recommendation by Drectors the City Manager may adjust

Classifications

Section3 Investment Policy

The investment policy heretofore adopted by the City and the Redevelopment AgencyonJune 4 99 and the same is hereby reaffirmed and readopted as amended for the fiscal year

commencing July 2 3 SeeExhibitAttached

Section4 Proceeds ofTaxes AppropriationsLmt

The appropriations limit for proceeds of taxes is calculated by using either the Citysr the

Countysopulation growth The useof the Citysrowth forfcal year 3 4imit is

hereby adopted

The appropriations limit is also calculated by using either the change in California per capita

income orthe increase in local nonresidential assessed valuation due tonewconstruction The

Countysomputer system has been unable toprovide the latter Therefore the useof the

California per capita income factor ishereby adopted reserving the right torecalculate and amend

the appropriations lineonceheCounty canprovide the alternative data

used onthe above factors the appropriations limit for proceeds of taxes for fiscal year 2 4

Z S ishereby adopteda

F 4 5 7 66

Departments arehereby authorized toexecute expense for the fiscal year commencing July 2 3

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PASSED APPROVEDANDADOPTED this 22nd day ofJune 2 4 by the followingvote

AYESBastidas Fesmre Godfrey BarbaHunt Friestad Wlson

NOESNone

ABSENTBethel

Glbert

JACQUELINEBETHELPRESIDENT

ATTEST

CHAERN NDEZaf

aaLCKAiY

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EX eTTYOFIIO

Redevelopment AgencyPublic FinancingAuthorityOherEntities

INVESTMENTPOLICY

Policy

Itis the policy of the City of Indio toinvest public funds inamannerwhich will provide the

highest investment return vvith the maximum security While meeting the daily cash flow

demands of the entity and conforming toall State ofCalifornia and local statutes governing

the investment ofpublic funds TheCity of Indiowill operate its investment practices under

the PrudentPersonRueCaliforniaGovernment Code Section536 tates

When investing reinvesting purchasing acquiring exchanging selling and

managing public funds arustee shall act with careskill and prudence and

diligence under the circumstances then prevailing thataprudentperson

acting in

like capacity and farrriliarity withtheatters ould usein the ductoffunds

fike characterandwith like aimstsafeguard the principalandmaintain the

liquidity needsfleeagencys9

2Scope

This investment policy applies toall investments of the Cityof Indio anditscomponent units

the Indio Redevelopment Agency and other discrete entities under the control of the City of

Indio

his policy however specifcally excludes the employees retirement and deferred

compensation funds Additionally money held by atrustee or fiscal agent pledged tothe

payment orsecurity ofbonds orother indebtedness shall complywith CGCSection536

Objective

Theprimary objectives inpriority order of theCity of Indio investment activities shall be

tiue

Safetyof

principalis the foremost

objectiveofthe investment

programInvestments of

the City of Indio shall be undertaken in amannerthat seeks toensurethe preservationofcapital in the overall portfolio To attain this objective diversification is importantin order that any potential losses onindividual securities do not exceed the income

generated from the remainder ofthe portfolio

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BLiquidity

The City of Indio investment portfolio will remain sufficiently liquid toenable the City

ofIndio tomeet all operating requirementswhichmight be reasonably anticipated

eReturnonnvestments

TheCity of Indio investment portfolio shall be designedwith the objective ofattainingarate of return throughout budgetary and economc cycles commensurate with the

City of Indio investment risk constraints and the cash flow characteristics of the

portfolios

4 Investment Instruments

Funds of the City Agency and Financing Authority may be invested in any instrument

allowable under current legislation of the State of CaliforniaGovernment Code Section

536 et seq so long as the investment is appropriate when investment objectives and

policiesaretaken intoconsiderationa

Allowable investment Instrumentsmay include

Treasury bligations BillsNotes andBonds

Government Agency Securities

Local Agency Investment Fund California State Pool

Certificates ofDeposit

CommercialPaper

Repurchase Agreement

MoneyMarket Funds bond reservesheld by trusteeonly

BankerscceptancesInterest earing hecking Accounts

General DemandCheckingAccounts

Prohibited Investments

Alocal agency shall not investany funds pursuant tothis article in inversefloaters

rangenotes orinterest only strips that arederived fromapool ofmortgages

Alocal agency shall not invest any fundspursuant tothis article in any security that

could result inzerointerest accrual ifheld tomaturity However alocal agency

may hold prohibited instrumentsuntil their maturity dates

5 InvestmentDversification

Investment practices will diversify the use of investment instruments to avoid incurringunreasonable risks inherent in ove investing in specific instruments individual financial

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institutionsormaturitiesohat end notmorethan2Sof the portfolio shall be invested in

anyoneentityoranyoneinstrument with the following exceptions

Treasury Obligations

Local Agency Investment Fund California StatePool

6 InvestmentLimitations

Investment instruments and holdings will be limted tothe statutory limts imposed by the

CaliforniaGovernment CodeSection 536 f gasfollows

Commercial Paper Seneral Policy under L may be up to28Bankers Acceptances 4

altrltyLlmltatlons

Every investment instrument purchased must have aterm remaining tomaturity of less than

fiveSears The oneexception tothis limtation will be bond reserves andocapitalizedinterest accounts held by ahird party trustee

Delegation ofAuhorty

Authority tomanage the City of Indio investment program is derived from the California

Government Code Management responsibility for the investment program is hereby

delegated by the CityCouncil to the Finance Director wha shall operate consistent with this

investment policy operson may engage in an investment transaction except asprovided

under the terms of this policy and the procedures established by the Investment CommtteeThe Finance Drector shall be responsible for all transactions undertaken and shall establish a

system ofcontrols toregulate the activities ofsubordinate officials

9 InvestmentCommittee

The investment commttee is appointed by the City Council toserveinanadvisory capacityThe investment commttee will be composed of twomembers of the City Council City

Treasurer onecitizen at large the Finance Director and the City Attorney will be anex

officiomember The investment commttee is responsible for reviewing the citysnvestment

policy and recommending annual adoption of the policy by the City Council Individual

investment trades and purchases shall be done by the Finance Drector within the approved

policy and guidelines The Finance Drector will report all investment trades and transaction

tothe Investment Commtteeat least quarterly

Ethics and Conflicts ofInterest

Officers and employees involved in the investment process shall refrain frompersonal business

activity that could conflict with proper execution of the investmentprogramorwhich could

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impair their ability tomake impartial investment decisions Employees and investment

officials shall disclosetothe Investment Commttee anymaterial financial interest in financial

institutions that conduct business within this jurisdiction and they shall further disclose any

large personal nancanvesmentpositions that could be related tothe performance of the

CityofIndio particularly with regard tohe time ofpurchases and sales

Authorized Financial Dealers and Institutions

The Finance Drector will maintain alist of financial institutions authorized toprovide

investment services In addition alist will also be maintained of approved security

bokeeaersselected by credit worthiness who areauthorized toprovide investment

services in the State ofCalifornia These may include primary dealers or regional dealers

that qualify under Securities Exchange Commssion Rule 5 3 uniformnet capital ruleNo public deposit shall be made except in aqualified public depository as established by

California laws

All financial institutions andbokeeaerswho desire tobecome qualified bidders for

investment transactinns mustcply the Finance

rectnWith thefnlnxngeg a tPd

financial statements proofofNational Association of Security Dealers certification trading

resolution proof of California registration completed bokereaer questionnaire

certification ofhaving read the City ofIndio investment policy and depository contracts

An annual review of the financial condition and registrations of qualified bidders will be

conductedby the Finance Drector

Acurrent audited financial statement is required tobe onile for each financial institution and

bokereaernwhich theCity ofIndio invests

2Collateralization

Collateralization will be required ontwotypes of investments certificates of deposit and

repurchase agreements In order toanticipate market changes and provide alevel ofsecurity

for all funds the Collateralization level will be 2ofmarket value of principal and

accrued interest The City of Indio chooses tolimit what is considered collateral tothe

following

IJSTreasury Securities

LTSAgency Securities

3Safekeeping andCustody

Al security transactions including collateral for repurchase agreements entered into by the

Cityof Indio shall be conducted onadeiveryesusaymenDVPbasis Securitieswill be

held by a third party custodian designated by the Finance Drector and evidenced by

safekeeping receipts

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4Performance Standards

The investment portfolio shall be designed with the objective of obtaining arate of return

throughout budgetary and economc

cyclescommensurate with the investment risk

constraints and the cashflowneeds

Ao Market Meld nchmarkThe City of Indio investment strategy is passive Gven this strategy the basis

used by the Finance Drector todetermne whether market yields arebeingachieved shall be thesponhJSTreasury

5laeporting

The Finance Drector is charged with the responsibility of submitting aquarterly report on

investment activity and returns tothe CityCouncil The Investment Commttee will receive

quarterly reports of investment activity ifany investments have been purchased orsold duringthe previous quarter

6Investment PolicyAdoption

TheCity of Indio investment policy shall be adopted by resolution of the City Council ofthe

City ofIndoslegislative authority and the Indio Redevelopment Agency The policy shall be

reviewed annually by the Investment Commttee and anymodifications made theretomust be

approved bythe InvestmentCommttee and the

CityCouncil and

Agency

7Internal Controls

The investment function will be organized so that specific responsibility far the performance

ofduties is assigned with aclear lineofauthority and reporting The functions ofauthorizing

executing and recording transactions custody of investments and performing reconciliation rehandled by separate persons toreduce the risk that aperson is inaposition toconceal

errorsorfraud in the normalcourseofduty

While nointernal control system however elaborate canguarantee absolute assurancethat

the City and Redevelopment Agencysssets are safeguarded it is the intent of internal

controls toprovide reasonableassurancethat management of investments meet the objectivesof this policy The following segregation of responsibilities will form the basic system of

internal controls far investments

The table attachedshows the different levels ofapproval and oversight responsibility

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FUNCTO RESPSLBLTY

Develop formal Investment Polic Finance Drector

Recommend modificationstoInvestment Polic Investment Commttee

Review Investment Policy and recommend toCityCouncgency InvestmentCommttee

hoard

Adotnvestment Polic Ct Council

Select Investments FinanceDrectorsca

Officer

Approve Transactions Ct Mana er orDesi need

Execute investment transactions Sectionunder reviewby Investment Finance Drector

Commttee FiscalOfficer

Investment Verificationmatchbroker confirmation toCity FiscalOceccountClerk

investment records AR

Record investment transactions into accounting records FiscalOceccountClerk

ARReconcile investment recordstoaccounting records and bank FiscalOceccountClerk

statements AR

Security TimeCDsrreceipt will be

maintained in the City vault in

the careof the Finance

Drector Allother securities

will be held third party

safekeepinReviewof ortfolio todetermne conformance toInvestment Polic Inde endentAuditors

Documents

2004-25 budget $7mm