City Council
	Agenda Request
Agenda Of:	July 22, 2008	Agenda Request No:		rec-2
Initiated By:	Linda Symank Director of Fiscal Services	Responsible Department:		fiscal services
Presented By:	linda symank director of fiscal services	Department Head:		linda symank director of fiscal services
		Additional Department. Head (s):
Subject / Proceeding:	Recognition of award of certificate of distinction for the city’s investment policy by the government treasurers’ organization of texas
Exhibits:	n/a
Clearances			Approval
Legal:	N/A		Executive Director:	n/a
Purchasing:	n/a		Asst. City Manager:	karen daly
Budget:	n/a		City Manager:	Allen Bogard
Budget
Expenditure Required: $			n/a
Amount Budgeted/Reallocation: $			n/a
Additional Appropriation: $			n/a
Recommended Action
Recognition of award of certificate of distinction for the city’s investment policy by the government treasurers’ organization of texas.

Executive Summary

The Public Funds Investment Act (PFIA), Chapter 2256 of the Texas Statutes prescribes that each City is to adopt rules governing its investment practices and to define the authority of the investment officer. The statute provides specific standards and criteria that must be addressed in an investment policy. The statute requires that policies include an investment strategy for each fund, detail reporting of investment transactions, an annual review of the policy by Council, an annual compliance audit as well as other requirements. Sugar Land adopted it investment policy in accordance with the PFIA. The Government Treasurers’ Organization of Texas (GTOT) has implemented an Investment Policy Certification Program that recognizes outstanding examples of written investment policies that meet established criteria. The City of Sugar Land submitted its investment policy for review for the first time this year and was awarded a “Certificate of Distinction” for having an investment policy that meets the requirements of the PFIA and the standards for prudent investing established by GTOT.

Exhibits

N/A