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BACKGROUND

The Finance Department releases a Quarterly Investment Report on the City's finances to provide an overview of investment activity for the Money Market, Investment Pool, and Certificate of Deposit accounts.

OVERVIEW

It is the City's strategy to maintain a high percentage of idle funds invested in safe, secure, and liquid investment securities and pooled investment types. This strategy is in accordance with the Public Funds Investment Act (PFIA) and City policy.

Cash on-hand available for investing on September 30, 2022, was $93,900,868 across all funds. The average interest/yield on all investments was 1.65%, and investment earnings totaled $228,390.

POLICY CONSIDERATIONS

The PFIA and City Investment Policy require that Investment Officers prepare and submit quarterly a written report of investment transactions for all funds covered by the Investment Policy to the City Council and to the governing boards of all component units.

RECOMMENDATION

Accept the Quarterly Investment Reports for the quarters ending June 30 and September 30, 2022.

BACKGROUND

The City's current Investment Policy was reviewed by City Council on November 14, 2022, in accordance with the Public Funds Investment Act (PFIA). The PFIA requires that the Investment Policy be reviewed annually by the City Council and the Boards of all component units.

OVERVIEW

The Investment Policy approved by City Council for FY2022-2023 included the following changes:

• Correcting name from "President George Turnpike Reinvestment Zone Tax Increment Fund" to "Tax Increment Financing Reinvestment Zone Number One" throughout the policy to reflect Ordinance 3897
• Correcting name from "Reinvestment Zone Number Two" to "Tax Increment Financing Reinvestment Zone Number Two" throughout the policy to reflect Ordinance 3898
• Addition of "Tax Increment Reinvestment Zone Number Three" throughout the policy per Ordinance 4035
• Addition of "Municipal Development District" in policy title
• Updating "Comprehensive Annual Financial Report" to "Annual Comprehensive Financial Report (ACFR)"
• Updating Delegation of Authority position title from "Finance Manager" to "Senior Accountant"

POLICY CONSIDERATIONS

The recommended policy for adoption is in compliance with the PFIA.

RECOMMENDATION

Accept the City of Sachse Investment Policy for FY 2022-2023, as adopted by City Council on November 14, 2022.