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City Council Agenda Request
March 6, 2018
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AGENDA REQUEST NO: V.A.
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| | AGENDA OF: City Council Meeting |
| | INITIATED BY: Jennifer Brown, Director of Finance |
| | PRESENTED BY: Jennifer Brown, Director of Finance |
| | RESPONSIBLE DEPARTMENT: Finance |
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| | | | | | | | | AGENDA CAPTION: | | Consideration of and action on CITY OF SUGAR LAND RESOLUTION NO. 18-05 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SUGAR LAND, TEXAS, DESIGNATING INVESTMENT OFFICERS AND AN INVESTMENT PROGRAM MANAGER. |
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| | | | | | | | | RECOMMENDED ACTION: | | Consideration and Approval of Resolution No. 18-05 designating Investment Officers and an Investment Program Manager. |
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| | | | | | | | | EXECUTIVE SUMMARY: | The City’s investments are governed by the Public Funds Investments Act (PFIA) under Chapter 2256 of the Local Government Code.
Section 2256 of the Government Code requires the City to designate one or more investment officers to be responsible for the investment of its funds, consistent with the investment policy adopted by the City Council. This Code also grants authority to the City’s investment officers, effective until rescinded by the City Council or until the officer’s employment with the City terminates. Resolution No. 17-17 identified three investment officers: Razeeda Boochoon, Alka Shah and Cathy Wray, with Jennifer Brown designated as the Investment Program Manager. In February, Cathy Wray transferred from the Finance Department to the Police Department, so she is no longer serving as an Investment Officer.
The Government Code requires a minimum of one investment officer be designated to manage investment funds, and Finance recommends that the following individuals be designated as Investment Officers: Razeeda Boochoon, Alka Shah and Justin Alderete, with Jennifer Brown designated as the Investment Program Manager.
Mr. Alderete will have 12 months to obtain his initial 10 hours of training to be in compliance with the PFIA. Recurring training of 10 hours every two years is required under the PFIA for all investment officers.
Staff recommends approval of Resolution No. 18-05 designating Investment Officers and an Investment Program Manager in accordance with Section 2256 of the Government Code.
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| BUDGET |
| | EXPENDITURE REQUIRED: N/A |
| | CURRENT BUDGET: N/A |
| | ADDITIONAL FUNDING: N/A |
| | FUNDING SOURCE:N/A |
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