Staff Report.TownInvestmentPolicy
PREPARED BY: Gitta Ungvari
Finance Director
Reviewed by: Town Manager and Town Attorney
110 E. Main Street Los Gatos, CA 95030 ● (408)354-6832
www.losgatosca.gov
TOWN OF LOS GATOS
COUNCIL AGENDA REPORT
MEETING DATE:2/21/2023 ITEM NO: 12
DATE: February 15, 2023
TO: Mayor and Town Council
FROM: Laurel Prevetti, Town Manager
SUBJECT: Approve the Changes to the Town’s Investment Policy as Recommended by
the Finance Commission
RECOMMENDATION:
Approve the changes to the Town’s Investment Policy as recommended by the Finance
Commission.
DISCUSSION:
The Town’s Investment Policy for its operating portfolio was previously reviewed by the Finance
Committee in January 2023 and adopted by Council in January of 2023, changing the frequency
of the reporting from quarterly to monthly to comply with California Government Code Section
41004.
The Investment Policy establishes the investment scope, objectives, delegation of authority,
standards of prudence, reporting requirements, internal controls, State mandated eligible
investments, transactions, diversification requirements, risk tolerance, and safekeeping and
custodial procedures for the investment of the operating funds of the Town. All Town funds
are invested and/or will be invested in accordance with the Investment Policy and with
applicable sections of the California Government Code.
At its February 13, 2023 meeting, the Finance Commission requested additional changes to
include references to Government Code Sections 53607 and 53646(b)as redlined in Attachment
1.
PAGE 2 OF 2 SUBJECT: Operating Portfolio Investment Policy Review and Recommendation to Town Council DATE: February 15, 2023
FISCAL IMPACT:
There is no fiscal impact associated with modifying the Investment Policy.
Attachment:
1. Town Council Policy 4-02: Investment Policy - Redlined