Memorandum
City of Lawrence
Finance Department
TO: |
Dave Corliss, City Manager
|
FROM: |
Ed Mullins, Finance Director
|
DATE: |
October 9, 2013
|
RE: |
Investment Policy |
Background
The City of Lawrence was authorized expanded investment powers under K.S.A. 12-1677b in 1999. The statute allows the city to invest in government agencies and extends the maximum maturity of an investment from 2 years to 4 years. The Finance Department was notified in March 2012 that the policies of the Pooled Money Investment Board (PMIB) pertaining to the approval of expanded investment powers had been revised. The PMIB provided a summary of the changes and a list of recommended revisions to the city’s investment policy in order for it to remain in compliance.
Description
An updated investment policy was reviewed and approved by the City Commission on June 26, 2012. No changes have been made to the attached revised investment policy since that approval. However, PMIB and Section 1.0 of the policy require annual approval of the investment policy by the City Commission.
Recommendation
It is recommended that the City Commission approve the Investment Policy.