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05/21/2019 04Bi Recognition of City's Investment Policy to\'4\lyy tbxk ik 1 PPP +� PPP d g. P A P p PPi ittYlltYlt.\ta. BUSINESS OF THE CITY COUNCIL YAKIMA, WASHINGTON AGENDA STATEM ENT Item No. B.i. For Meeting of: May 21, 2019 ITEM TITLE: Recognition of City's Investment Policy by Washington Public Treasurers Association SUBMITTED BY: Steve Groom, Director of Finance and Budget SUMMARY EXPLANATION: The Washington Public Treasurers Association recognized the City of Yakima at their April 2019 annual conference, acknowledging our policy for meeting or exceeding standards of excellence, an exemplary model for other cities. The city's investment policy articulates the City Council's intent for the governance of city investments, communicates clear policy and strategy guidelines for city staff to execute, demonstrates parameters for safeguarding of public funds and demonstrates a transparent and accountable stewardship plan. An image of the certificate is now on the cover page of the investment policy on the city's website so that any download or printout of the policy carries the certification. Staff will be pleased to present the framed certificate to City Council in person. ITEM BUDGETED: NA STRATEGIC PRIORITY: APPROVED FOR SUBMITTAL: City Manager STAFF RECOMMENDATION: BOARD/COMMITTEE RECOMMENDATION: ATTACHMENTS: 2 Description Upload Date Type D Co‘er Memo &22019 &Aim Memo D Inwelment Pokey Win tinge 52!2019 Culver Memo 3 VflTh MEMORANDUM M TO: The Honorable Mayor and Members of City Council Cliff Moore, City Manager FROM: Steve Groom, Finance Director DATE: May 2, 2019 RE: Recognition of Investment Policy The Washington Public Treasurers Association (WPTA) recognized the City of Yakima at their April annual conference in Chelan, acknowledging our policy for meeting or exceeding standards of excellence, an exemplary model for other cities. City Council reviewed and approved revisions to the City's Investment Policy on March 5, 2019, and by doing so put in place a policy that articulates very comprehensively how we safeguard and exercise stewardship of public funds which we are entrusted. The City's policy conforms to best practices in the reviewed areas of: • Clearly defined scope, objectives, delegation of authority, authorized investments, diversification and maturity boundaries, performance standards and reporting • Standards of prudence, custodial care, • Ethics and conflicts of interest, internal controls The City's policy exceeds best practices by including policy language and supplementary information not required: • A stated investment strategy • Addenda included for State and Municipal Code references, so readers needn't have to research multiple websites • Broker qualification requirements and questionnaire so interested parties needn't figure out how to request separately The benefits to our citizens by having the WPTA policy review are: • Trust, confidence and verification that the City's policy has been reviewed by independent municipal treasury subject matter experts • Confirmation that treasury activity conforms to State statutes and nationally- recognized best practices Many cities in Washington have earned this certification; our City's Finance Director is now one of 12 WPTA investment policy reviewers for future applicants. An image of the certificate is now on the cover page of the investment policy on the city's website; staff will be pleased to present the framed certificate to City Council in person. 4 .'1FY rfy {li iRI �3 y ‘x Av, • 041'0if "2 i7/ y y'04 k%:t Win" .. Investment Policy of the City of Yakima Adopted by City Council March 5, 2019 City of Yakima, Finance Department 129 North 2nd Street, Yakima, WA 98901 IP .. . 1fP1d1 AP cERTifiCATE OfEXCCE Inyastrnenc PRbCy i i y CITY OF Y,#K1MA tth%uaN)0}9 3;1114 xn � uo,e m„ m