HomeMy WebLinkAbout05/21/2019 04Bi Recognition of City's Investment Policy to\'4\lyy tbxk ik 1
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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
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MEMORANDUM
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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.
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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
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