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Description
San Bruno City Council Meeting 1-12-10 10b. City Treasurer's Report
B
B
Year,
end
of
the
city's
investments.
Secondly,
I
will
address
the
latest
with
respects
the
Lehman
Brothers
issue
and
the
end
the
San
Mateo
County
investment
pool
and,
lastly,
I
will
discuss
the
investment
policy
itself
and
two
minor
channel
changes
in
language
first
during
the
fourth
quarter.
2009
the
city
continue
to
actively
reposition
its
investment
portfolio
in
accordance
with
the
revisions
to
the
city
investment
policy
statement
adopted
during
in
November
217
2008
meeting.
B
Briefly,
these
revisions
call
for
the
investment
portfolio
to
be
equally
weighted
in
three
investment
options:
the
local
agency
investment
fund,
the
San
Mateo
County
investment
pool
individual
securities
in
limited
to
direct
obligations
of
federal
government.
As
of
December
31st
2009,
the
city
held
the
following:
eight
million
indirect
obligations
of
the
US
government.
These
securities
were
held
in
trust
at
union
bank
of
california.
B
The
city's
account
at
the
local
agency,
an
investment
fund
administered
by
the
state
treasurer
had
a
balance
of
8.5
million
and
at
year-end
the
city
had
on
deposit
with
the
county
pool
approximately
eighteen
point:
five
million
dollars
the
large
increase
in
the
city's
County
pool
account
is
the
result
of
property
taxes
being
deposited
toward
month.
End
further
diversification
and
additions
to
the
city's
portfolio
are
currently
being
evaluated
and
it
is
anticipated.
B
The
intent
of
this
meeting,
as
previously
stated,
was
to
discuss
the
authority
that
the
Treasury
Department
may
have,
or
not
have
with
respect
to
allocation
and
reimbursement
of
funds
to
local
agency
secretary
Gardner's
position
is
that
the
already
passed
a
tarp
legislation
does
not
provide
the
Treasury
Department
the
authority
to
reimburse
local
governments
and
agencies
for
any
investment
losses.
As
a
result,
specific
legislation
attached
to
the
current
jobs
bill
being
debated
has
been
introduced
that
will
provide
this
Authority.
It
is
anticipated
that
this
bill
will
be
passed
sometime
during
the
first
quarter
of
2010.
B
That's
in
process
right
now,
I
cannot
say
at
this
point
exactly
when
that
would
what
happened,
but
the
anticipation,
the
belief
is
sometime
in
the
first
quarter,
2010
as
further
events
warrant
I
will
certainly
keep
the
council
updated
now.
Lastly,
with
respect
to
the
investment
policy
itself,
based
on
questions
from
Council
members,
language
in
two
sections
were
reviewed.
As
a
result,
two
changes
are
proposed
that
are
meant
to
clarify
the
intent
of
these
two
particular
sections
within
the
policy.
The
first
is
under
the
heading
of
delegation
of
authority
on
the
bottom
of
page
one.
B
The
proposed
change
reads
as
follows:
I,
like
to
note
this
is
meant
to
replace
the
second
paragraph
under
that
particular
section.
I'll
read
it
as
as
follows.
In
the
absence
of
the
city
treasurer,
the
finance
director
shall
assume
the
duties
of
the
city,
treasurer
no
person
may
engage
in
an
investment
transaction,
except
as
provided
for
in
the
provisions
of
the
investment
policy.
Please
note
that
this
procedure
is
in
fact,
what
has
been
done
in
the
recent
past.
This
language
is
meant
to
clarify
the
intent
of
this
particular
section.
B
Secondly,
the
second
change
under
the
section
heading
internal
controls,
which
is
located
on
page
four
of
the
investment
policy.
Again,
this
language
is
meant
to
clarify
the
intent
of
this
particular
section
and
to
formalize
what
is
in
fact
already
being
done.
The
change
reads
as
follows:
this
is
replace
the
only
single
pair
of
you
have
under
that
section
that
I
shall
be
an
annual
process
of
external
review
of
deposits
and
investments
by
the
city's
independent
auditor.
B
Please
note:
the
city's
annual
audit
includes
a
review
of
the
investment
policy
and
the
investments
to
ensure
compliance
with
the
city's
adopted
policies
and
procedures.
Again,
both
changes
are
meant
to
clarify
the
intent
of
each
section
and
also
to
formalize
what
is
already
currently
being
done
now,
with
the
respect
to
the
adoption
of
these
changes,
the
treasurer's
office
can
immediately
adopt
these
changes,
should
they
be
approved
or
in
the
alternative
returned
to
the
next
meeting,
so
the
council
can
review
them
in
the
in
its
entirety.
C
Through
the
chair,
I'm
comfortable
and
appreciate
the
treasure
taking
the
commentary
from
myself
and
others
in
regards
to
these
items,
I
believe
you
get
straight
forward.
I
think
it
just
can
be
added
into
the
resolution.
I,
don't
believe
it
needs
to
come
back
I'm
comfortable
with
introducing
resolution
with
the
changes
that
were
just
introduced
by
the
city,
treasurer.