HomeMy WebLinkAbout02/01/2022 06.J. Ordinance adopting City of Yakima Investment Policy 3-700 1
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BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No. 6.J.
For Meeting of: February 1, 2022
ITEM TITLE: Ordinance adopting City of Yakima Investment Policy 3-700
SUBMITTED BY: Jennifer Ferrer-Santa Ines, Director of Finance and Budget
SUMMARY EXPLANATION:
On March 5, 2019, Finance brought to Council for consideration, a revised Investment Policy,
which was approved by Council at the meeting. The policy also received a Certification of
Excellence from the Washington Public Treasurer's Association on April 10, 2019. This item is
before you today to formally adopt the City of Yakima Investment Policy Number 3-700 as
required by RCW 35.39.034.
ITEM BUDGETED: NA
STRATEGIC PRIORITY: Public Trust and Accountability
APPROVED FOR SUBMITTAL BY THE CITY MANAGER
RECOMMENDATION:
Pass Ordinance
ATTACHMENTS:
Description Upload Date Type
0 Ordinance 1/20/2022 Ordinance
E Memo 1/20/2022 Corer Memo
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ORDINANCE NO. 2022-
AN ORDINANCE to formally adopt the City of Yakima Investment Policy Number
3-700 as required by RCW 35.39.034.
WHEREAS, it is in the City's best interest to invest public funds in a manner which
will provide maximum security with the highest investment return while meeting the daily
cash flow demands of the City and conforming to all state and local statutes governing the
investment of public funds; and,
WHEREAS, Government Finance Officers Association (GFOA) recommends that
all governments establish a comprehensive written investment policy, which should be
adopted by the governing body; and,
WHEREAS, it is in the City's best interest to formalize its investment policies in
writing; therefore,
BE IT ORDAINED BY THE CITY OF YAKIMA:
Section 1. That the City of Yakima hereby adopts the City of Yakima Investment
Policy Number 3-700, attached hereto and incorporated herein.
Section 2. This ordinance shall take effect immediately upon its passage, approval
and publication as provided by law and by the City Charter.
PASSED BY THE CITY COUNCIL, signed and approved this 1st day of February,
2022.
Janice Deccio, Mayor
ATTEST:
Sonya Clear Tee, City Clerk
Publication Date:
Effective Date:
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FINANCE
TO: Bob Harrison, City Manager
FROM: Jennifer Ferrer-Santa Ines , Finance Director
DATE: January 20, 2022
RE: Investment Policy
On March 5, 2019, Finance brought to Council for consideration, a revised Investment Policy,
which was approved by Council at the meeting. The policy also received a Certification of
Excellence from the Washington Public Treasurer's Association on April 10, 2019.
This item is before you today to formally adopt the City of Yakima Investment Policy Number 3-
700 as required by RCW 35.39.034. An excerpt of the RCW states the following:
RCW 35.39.034
Investment by individual fund or commingling of funds—Investment in
United States securities—Validation.
Moneys thus determined available for this purpose may be invested on an
individual fund basis or may, unless otherwise restricted by law be commingled within
one common investment portfolio for investment. All income derived from such
investment shall be apportioned and used for the benefit of the various participating
funds or for the benefit of the general or current expense fund as the governing body of
the city of[or]town shall determine by ordinance or resolution: PROVIDED, That funds
derived from the sale of general obligation bonds or revenue bonds or similar
instruments of indebtedness shall be invested, or used in such manner as the initiating
ordinances, resolutions, or bond covenants may lawfully prescribe.
City staff respectfully requests your approval of the City of Yakima Investment Policy by the
attached Ordinance in order to comply with RCW 35.39.034.