Title
Resolution - A Resolution of the City Council of the City of Mansfield, Texas Adopting the City of Mansfield, Texas Investment Policy; Approving Training of the City's Investment Officer; Approving Investment Pools; and Providing Qualified Broker Dealers and Investment Advisors for Engaging in Investment Transactions for the City
Requested Action
Review the Investment Policy and investment strategies of the City of Mansfield, Texas.
Recommendation
Approve a policy guiding the investment strategies of the City’s public funds.
Description/History
In years past the State of Texas Legislature adopted the Public Funds Investment Act. The purpose of the Act is to define the strategy and management of the investment of public money. The Act outlines guidelines to protect and preserve the public’s funds and has become widely accepted within the policies and practices of the investment community within the State of Texas. Moreover, the Act requires that Public entities have an investment policy that conforms to the principles established by the Act.
This is the City of Mansfield, Texas Investment Policy which complies with the State’s Public Funds Investment Act.
Justification
The City’s Investment Policy is a guideline to the investment officer and investment community of the City of Mansfield. It also serves as a guide for investment advisors as to the types of investments in which the City of Mansfield may invest its cash. This policy ensures the City’s compliance with the State’s investment laws about public money.
(Public Funds Investment Act, Government Code, Chapter 2256).
Funding Source
N/A
Prepared By
Peter K. Phillis, CPA, Deputy City Manager; 817-276-4261
Troy Lestina, Assistant Director of Business Services; 817-276-4257