FINANCIAL POLICIES
L. Investment Policy Introduction
This statement of the Investment Policy is intended to provide specific criteria for the prudent investment of City funds. The ultimate investment goal is to enhance the economic status of the City while protecting funds under management and meeting the daily cash flow demands of the City. This investment policy has been prepared in conformance with all pertinent existing laws of the State of California including California Government Code Sections 53600, et seq. Scope This investment policy applies to the City's Irvine Pooled Investment Portfolio, Bond Proceeds Portfolio, and Special District Funds Portfolio. These portfolios encompass all monies under the direct oversight of the Treasurer and include the General Fund, Reserve Funds, Special Revenue Funds, Debt Service Funds, Capital Project Funds, Permanent Fund, Proprietary Funds, Fiduciary Funds, including the Successor Agency to the Dissolved Irvine Redevelopment Agency, and any other funds that may be created. These funds are accounted for in the City of Irvine’s Annual Com prehensive Financial Report (ACFR). Where present, bond indenture and guiding resolution documentation for investment of bond proceeds and special district funds will supersede the City of Irvine Investment Policy guidelines. Delegation of Authority Autho rity to manage the City of Irvine’s investment program is derived from the Charter of the City of Irvine, Section 2-2-101(B). The authority of the City Council to invest or reinvest monies of the City has been delegated by the City Council to the City Treasurer for one year or until such time the delegation is revoked. The City Treasurer shall be responsible for all transactions undertaken and shall establish a system of controls to regulate the activities of subordinate officials, and their procedures in the absence of the City Treasurer. The City Treasurer may delegate daily investment activity, such as carrying out the Treasurer's investment instructions, confirming treasury transactions, and other routine activities. The City Treasurer shall establish written investment policy procedures for the operation of the investment program consistent with this policy. The procedures should include reference to: safekeeping, master repurchase agreements, wire transfer agreements, banking service contracts and collateral/depository agreements. Such procedures shall include explicit delegation of authority to persons responsible for investment transactions. No person may engage in an investment transaction except as provided under the terms of this policy and the procedures established by the City Treasurer. The Treasurer is responsible for the investment of bond proceeds and special district funds, whether held by the City, a fiscal agent, or trustee. The Bond Proceeds and Special District Funds Portfolios shall be segregated from the Irvine Pooled Investment Portfolio and will be structured with maturities (or maintain an average maturity) sufficient to meet construction drawdowns, debt service payments and other short- term liabilities. For purposes of efficiency, the Treasurer may instruct each fiscal agent or trustee to purchase certain securities regarding the investment of bond proceeds and special district funds in conformance with the permitted investment criteria documented in each bond indenture or guiding resolution. Where present, bond indenture and guiding resolution documentation for investment of bond proceeds and special district funds will supersede the City of Irvine Investment Policy guidelines. The Investment Advisory Committee will be advised of any investments made outside of the Investment Policy, pursuant to bond indentures, and/or guiding resolutions.
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FY 2023-25 Adopted Budget
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