Memorandum
City of Lawrence
Finance Department
TO: |
Dave Corliss, City Manager |
FROM: |
Ed Mullins, Finance Director |
DATE: |
August 28, 2014 |
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 two years to four years. The Pooled Money Investment Board (PMIB) requires an annual review of the city’s investment policy prior to their continued approval of expanded investment powers. In addition, the City needs to authorize additional employees to access the municipal investment pool for the purpose of making investments and paying the principal and interest on our bonds.
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 attached Investment Policy and adopt Resolution No. 7089, authorizing the Assistant City Manager and Assistant Finance Director to access our MIP account.