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03.33 Statement of Investment Policy FY191. SUBJECT Annual review and approval of the Statement of Investment Policy (SIP) for Fiscal Year 2018- 19. 2. SUMMARY Per recommendation from the Investment Advisory Committee, the Investment Oversight Committee, and staff, it is proposed that no changes be made to the Statement of Investment Policy. 3. RECOMMENDATION /ACTION Adopt Resolution No. 11080. 4. FISCAL IMPACT 771 No fiscal impact. 5. STRATEGIC PLAN GOAL(S) 2d. Be a Fiscally Healthy Community — Effectively manage and develop City assets. 6. GENERAL PLAN IMPLEMENTATION N/A 7. DISCUSSION and BACKGROUND The California Government Code Section 53646 requires that the Statement of Investment Policy be reviewed and approved by the legislative body on an annual basis. The City's Investment Policy is one of the most conservative policies in the State and it is proposed that the very conservative features of the policy be maintained. Many of the allowable investments under the State Code are not permitted in the City's policy. Also, our policy puts additional specific limits on U.S. Government Agency investments and the Local Agency Investment Fund (LAIF). The Investment Advisory Committee and the Investment Oversight Committee have reviewed the Statement of Investment Policy. A joint meeting of both Committees was held on May 2, 2018 to discuss the investment policy update. Both Committees determined that no changes were needed to revise the investment policy. 8. ATTACHMENTS Resolution No. 11080 Statement of Investment Policy ITEM 6/12/18 'Printed on Recycled Paper RESOLUTION NO. 11080 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ORANGE APPROVING AND ADOPTING A STATEMENT OF INVESTMENT POLICY FOR FISCAL YEAR 2018 -19 WHEREAS, California Government Code Sections 53600 et seq. set forth detailed provisions regarding permitted and prohibited investments by cities and accountability therefor; and WHEREAS, the City Council adopted Resolution No. 11005 on June 13, 2017 adopting the City's Statement of Investment Policy for Fiscal Year 2017 -18 (herein referred to as the "FY 2017 -18 SIP "); and WHEREAS, the FY 2017 -18 SIP requires that the City Council annually review its Statement of Investment Policy and adopt a policy annually within 120 days following the end of each fiscal year by a resolution and vote of the City Council at a public meeting; and WHEREAS, the City's Investment Advisory Committee and Investment Oversight Committee have reviewed the proposed Statement of Investment Policy for Fiscal Year 2018- 19 (herein referred to as the "FY 2018 -19 SIP ") in the form attached to this Resolution, and has recommended that the City Council adopt the FY 2018 -19 SIP; and NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Orange that the FY 2018 -19 SIP, in the form attached, is the City's Statement of Investment Policy for Fiscal Year 2018 -19 and is duly adopted in accordance with State law and Chapter 2.49 of Title 2 of the Orange Municipal Code. ADOPTED this day of , 2018. Teresa E. Smith Mayor of the City of Orange ATTEST: Mary E. Murphy City Clerk of the City of Orange I, MARY E. MURPHY, City Clerk of the City of Orange, California, do hereby certify that the foregoing Resolution was duly and regularly adopted by the City Council of