Title
Discussion of issues relating to the City's investment program, including the annual review of 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 September 15, 2015. Effective October 1, 2015 at the start of the fiscal year, Valley View Consulting, LLC began working with the City to provide Investment Advisory Services. The firm has reviewed the City's Investment Policy and has suggested several changes to consolidate or improve policy language, remove duplicate references, reorganize sections, etc. The City is in agreement with these changes and they have been incorporated in the proposed policy. The attached "Investment Policy Review" provides a detailed description of the changes. A representative from Valley View Consulting, LLC will be in attendance at the meeting to discuss their work for the City and to provide a brief market overview.
Authorized Broker/Dealers:
The Investment Policy includes the list of broker/dealers authorized to engage in investment transactions with the City. The current list includes the following: Coastal Securities, Inc., Duncan-Williams, Inc., Hilltop Securities (formerly First Southwest Company), and Wells Fargo Securities, LLC. The Finance Committee met on August 26, 2016 to review the proposed changes to the policy and to specifically review the list of authorized broker/dealers. No changes to...
Click here for full text