City Council

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