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File #: 21-350    Name:
Type: Resolution Status: Consent Item Ready
File created: 3/31/2021 In control: City Council
On agenda: 4/12/2021 Final action:
Title: Approval of a resolution amending the broker/dealer list of the investment policy for the City of New Braunfels adding an additional local government investment pool - Texas FIT.
Attachments: 1. New Braunfels Investment Policy with Amendment, 2. TX-FIT_GovPool_Q4-Fact-Sheet-FINAL (1), 3. Resolution Adopting Amending Investment Policy - Adding Texas FIT
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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Presenter/Contact

Presenter

Sandy Paulos, Assistant Chief Financial Officer

Contact Info

(830) 221-4387 - spaulos@nbtexas.org

 

Subject Header

SUBJECT:

Title

Approval of a resolution amending the broker/dealer list of the investment policy for the City of New Braunfels adding an additional local government investment pool - Texas FIT.

 

Body

BACKGROUND / RATIONALE:

This agenda item requests approval of a resolution amending the broker/dealer list of the City’s current investment policy - adding Texas FIT - a local government investment pool.  State of Texas statutes require cities to have investment policies and to review and approve those policies annually.  The City last amended its policy, along with an updated broker/dealer list, in November 2020. 

The approved investment policy with the broker/dealer list includes 3 local government investment pools - Texpool, Texas CLASS, and TexStar.  Adding Texas FIT as an approved local government investment pool will give the City more diversification options, along with higher yield opportunities. 

ADDRESSES A NEED/ISSUE IN A CITY PLAN OR COUNCIL PRIORITY:

X

Yes

City Plan/Council Priority

Strategic Priorities:  8-Maintain fiscal stability of City Operations

 

 

FISCAL IMPACT:

None

 

Recommendation

COMMITTEE RECOMMENDATION:

N/A

 

STAFF RECOMMENDATION:

Staff recommends approval of the resolution amending the broker/dealer list of the Investment Policy for the City of New Braunfels.