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Approving the revision and updates to the City’s Investment Policy Statement.
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WHEREAS, the City’s Investment Policy Statement outlines the governing authority, portfolio objectives and strategy, authorized investments and diversification as outlined in Minnesota Statute 118A, roles and responsibilities, standards of care and safekeeping and custody; and
WHEREAS, the City’s update adds clarity, removes inconsistent language, and further safeguards City funds; and
WHEREAS, the City’s last significant revision to the Investment Policy Statement occurred on July 9, 2003; and
WHEREAS, the City had provided guidance to brokers and money managers on the use of commercial paper in 2010, and later added the use of commercial paper as an allowable investment in 2021; and
WHEREAS, the City updated the policy statement to include a bond proceeds portfolio in October 2022; and
WHEREAS, the City Investment Policy Statement includes additional investment authority pursuant to Minnesota Statutes § 118A, and the City understands that investments authorized under this section carry a risk of loss; the type of funds being invested and the specific investment vehicles; and, all funds designated for investment through the Minnesota State Board of Investment meet the requirements of § 118A.09, the policies and procedures established by the State Board of Investment, and City policies and procedures; and
WHEREAS, Minnesota Statute 118A authorizes municipalities to invest public funds and require that such policies be formally adopted by the governing body; and
WHEREAS, the City Council’s formal adoption of the Investment Policy Statement is required under state statute; and
WHEREAS, the Saint Paul City Council adopts the Investment Policy Statement for the safe use of public funds for benefit of taxpayers in the city.
NOW, THEREFORE, BE IT RESOLVED by the Saint Paul City Council that:
The Saint Paul City Council hereby approves the Investm...
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