Title
Consideration of and action on the annual review and an ordinance adopting the City's Investment Policy.
Body
Summary: In compliance with the Texas Public Funds Investment Act, Government Code Ch. 2256 as amended (the “Act”), the City has adopted an Investment Policy, which is Chapter 2, Administration, Article VII (Finance), Division 2 (Investment Policy), Section 2-274 Reporting, of the Code of Ordinances of the City of Deer Park. The Act also requires that the City Council, not less than annually, adopt a written instrument stating that it has reviewed the Investment Policy and investment strategies. The written instrument must record any changes made to the policy or strategies.
The City’s Investment Policy was last reviewed and updated on August 20, 2024. The policy received re-certification from the Government Treasurer’s Organization of Texas (“GTOT”) in December 2023, and that certification was valid for two years to December 31, 2025.
One minor change is being incorporated into the policy this year:
2-284 Collateral - the National Credit Union Share Insurance Fund (NCUSIF) was listed alongside the FDIC as a deposit insurance provider. The NCUSIF is a government-backed insurance program that protects deposits held in credit unions in the same manner the FDIC protects deposits held in banks.
Authorized Broker/Dealers:
Southstate | Duncan-Williams
FHN Financial
Hilltop Securities
Multi-Bank Securities, Inc.
Wells Fargo Securities, LLC.
At the Finance Committee meeting on August 19, 2025, the Committee reviewed and discussed the list of authorized broker/dealers and did not make any changes to the current list.
Fiscal/Budgetary Impact:
N/A.
Recommended action
Review and approve an ordinance adopting the Investment Policy.