City Council

8. Consideration and possible action to approve the City’s Investment Policy for Fiscal Year (FY) 2024-25. (Ramos) (15 mins) Recommendation: 1) Review the following revisions to the City’s FY 2024-25 Investment Policy, as recommended by the Finance Advisory Committee (FAC): a. Remove additional City restrictions and maintain that the City is restricted to the extent that California Local Agency Investment Guidelines (LAIG) limits investments. b. Change the limit of the City’s current practice of investing 50% to 70% (recommended but not required) to maximize return on investments. Investments remain subject to the LAIG requirements, which are deemed safe investments adhering to preserving principal funds; c. Issue a Request for Proposals (RFP) for investment advisors and providers to analyze what is best for the City’s investments; d. Analyze relationships with other financial institutions to maximize the City’s return on investments. 2) If deemed acceptable, approve the FY 2024-25 Investment Policy applicable to the City of Rancho Palos Verdes, Rancho Palos Verdes Successor Agency to the Redevelopment Agency, and Rancho Palos Verdes Improvement Authority; and, 3) If approved, direct Staff to add $200,000 in the FY 2024-25 General Fund Budget under line-item Interest Earnings Revenue. Agenda Report