04 Staff Report.Investment Policy.docx
PREPARED BY: Stephen Conway
Finance Director
Reviewed by: Town Manager, Assistant Town Manager, and Town Attorney
110 E. Main Street Los Gatos, CA 95030 ● 406-354-6832
www.losgatosca.gov
TOWN OF LOS GATOS
COUNCIL AGENDA REPORT
MEETING DATE: 11/03/2020
ITEM NO: 4
DATE: October 23, 2020
TO: Mayor and Town Council
FROM: Laurel Prevetti, Town Manager
SUBJECT: Approve Revisions to the Town’s Operating Portfolio Investment Policy as
Recommended by the Council Finance Committee.
RECOMMENDATION:
Approve revisions to the Town’s Operating Portfolio Investment Policy as recommended by the
Council Finance Committee.
DISCUSSION:
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.
The Council Finance Committee is tasked with the annual review of the Town Investment
Policy.
On October 12, 2020, the Council Finance Committee reviewed the Investment Policy and
recommended that the Quarterly Investment Report should include the Town portfolio
Environmental, Social and Governance (ESG) scores and should be presented to the Council
Finance Committee. The proposed changes are reflected in red in Attachment 1.
FISCAL IMPACT:
This action has no fiscal impact.
PAGE 2 OF 2
SUBJECT: Annual Review of the Town’s Portfolio Investment Policy
DATE: October 23, 2020
ENVIRONMENTAL ASSESSMENT:
This is not a project defined under CEQA, and no further action is required.
Attachment:
1. Town of Los Gatos Investment Policy (redlined)