Resolution 2005-32
RESOLUTION NO. 2005-32(R)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WYLIE, TEXAS,
AMENDING THE CURRENT INVESTMENT POLICY, PROVDING FOR SCOPE
OF THIS POLICY, PROVIDING FOR INVESTMENT OBJECTIVES, PROVIDING
FOR AN INVESTMENT COMMITTEE, PROVIDING FOR DELEGATION OF
AUTHORITY, PROVIDING INVESTMENTS STRATEGIES BY POOLED FUND
GROUPS, PROVIDING FOR STANDARD OF CARE, PROVIDING FOR OTHER
INVESTMENT GUIDELINES, PROVIDING FOR INVESTMENTS AUTHORIZED
BY PUBLIC FUNDS INVESTMENT ACT AND INVESTMENTS UNAUTHORIZED
BY THE CITY, PROVIDING FOR PORTFOLIO DIVERSIFIATION AND
MATURITY LIMITS, PROVIDING FOR SELECTION OF BROKERS/DEALERS,
PROVIDING FOR SELECTION OF DEPOSITORIES, PROVIDING FOR
SAFEKEEPING AND CUSTODY, PROVIDING FOR RECORD KEEPING AND
REPORTING, PROVIDING FOR ETHICS AND CONFLICTS OF INTEREST,
PROVIDING FOR POLICY REVISIONS; AND MAKING VARIOUS FINDINGS
AND PROVISIONS RELATED TO THE SUBJECT.
WHEREAS, the Public Funds Investment Act, as amended, requires the City of Wylie to adopt an
investment policy by rule, order, ordinance or resolution; and
WHEREAS, the Investment Policy has not be updated or amended since March 14, 2000; and
WHEREAS, the Investment Policy and any incorporated revisions complies with the Texas
Government Code, Chapter 2256, Public Funds Investment Act, Subchapter A - Authorized Investments
for Governmental Entities and Subchapter B - Miscellaneous Provisions as amended, and authorizes the
investment of City funds in safe and prudent investments; and
WHEREAS, the City Council desires to update its Investment Policy periodically to reflect
current practices and procedures in its Investment and Cash Management Program.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
WYLIE, THAT the City of Wylie has complied with the requirements of the Public Funds Investment
Act and the Investment Policy, as amended and attached hereto, is adopted as the investment policy of the
City effective November 17,2005.
DULY PASSED AND ADOPTED by the City Council of the City of Wylie, Texas this 1 ih day
of November 2005.
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Resolution No. 2005-32(R)
Amendment ofInvestment Policy
City of Wylie, Texas
INVESTMENT POLICY
Adopted May 1995
Revised October 2005
CITY OF WYLIE, TEXAS
INVESTMENT POLICY
Table of Contents
I. INTRO DUCTION ................................................................................................................................. ....... I
II. SCOPE............................................................................................................................ .............................. I
III . OBJECTIVES................................................................................................................... ............................ I
Safety .............................................................................................................................. .. ...... ...... ... I
Liquidity.............................................................................................................................. ............. I
Diversification.................................................................................................................... .............. I
yield.............................................................................................................................. .................. I
IV. INVESTMENT COMMITTEE... ........... ................ ... ......................... ......... ................ ...... ......... ..... .... ...... ... 2
V. DELEGA TION OF AUTHORITY ............................................................................................................... 2
VI. INVESTMENT STRATEGy...... ................. .......... ........... ............ ...... ........ .................... ............ ................. 3
Operating Funds............................................................................................................................. .. 3
Debt Service Funds.......................................................................................................................... 3
Debt Service Reserve Funds ........ .......... ............................... ..... ........ .............. ........... ..................... 3
Special Projects and Special Purpose Funds .................................................................................... 3
VII. STANDARD OF CARE ...... ........ ................. ................... ....... ............... .......................... ................. ............ 3
VIII. INVESTMENTS AUTHORIZED BY THE CITy....................................................................................... 4
IX. OTHER INVESTMENT GUIDELINES .... .............. .......................... ........ ...... ...... .................... ...... ...... ...... 5
X. DIVERSIFICA TION AND MA TURITY LIMITS....................................................................................... 5
XI. SELECTION OF BROKER/DEALERS................ .............. ......... ...... ...... ........ .............. .... ........ ............ ...... 6
XII. SAFEKEEPING AND CUSTODy.............. ............................. ............ ................ ...................... ................. 6
XIII. RECORD KEEPING AND REPORTING ...................................................................................................7
XIV. ETHICS AND CONFLICTS OF INTEREST .............................................................................................. 8
XV. POLICY REVISIONS ....... ..... ...... ..... ....... ........ ................... ............ ....................... ..................... ................. 9
APPENDIX A - BROKERJDEALER QUESTIONNAIRE
APPENDIX B - CERTIFICATION BY DEALER
CITY OF WYLIE, TEXAS
INVESTMENT POLICY
I. INTRODUCTION
Chapter 2256 of Title 10 of the Local Government Code
(herein after referred to as the "Public Funds Investment
Act") prescribes that each city is to adopt written rules
governing its investment practices and to define the
authority of the investment officer. The following
Investment Policy addresses the methods, procedures,
and practices which must be exercised to ensure
effective and judicious fiscal management of the City's
funds. This Policy shall not apply to the selection,
retention or other issues concerning the depositories of
the City's funds in demand deposits as provided under
Chapter 105 ofthe Local Government Code.
II. SCOPE
This Policy shall apply to the investment and
management of all funds of the City under its control,
other than those expressly excluded herein or by
applicable law or valid agreement. This Policy shall not
supersede the restrictions on investment and use
applicable to any specific fund and, in the event of any
conflict between this Policy and the requirements of any
fund subject hereto, the specific requirement applicable
to such fund shall be followed as well as all other
provisions of this Policy other than those in conflict.
The Employees Deferred Compensation Agency Fund is
excluded from coverage under this Policy.
In order to make effective use ofthe City's resources, all
monies shall be pooled into one bank account, except
for those monies required to be accounted for in other
bank accounts as stipulated by applicable laws, bond
covenants or contracts. The bank account will be
maintained by pooled fund group for purposes of
implementing pooled fund strategies and reporting.
The income derived from this pooled investment
account shall be distributed by fund in accordance with
the City's internal procedures.
III. OBJECTIVES
The City's principal investment objectives, in order of
priority, are listed below.
Safety. The primary objective of the City's investment
activity is the preservation of principal (capital) in the
overall portfolio. Each investment transaction shall seek
first to ensure that capital losses are avoided, whether
the loss occurs from the default of a security or from
erosion of market value.
Liquidity. The City's investment portfolio will remain
sufficiently liquid to enable the City to meet operating
requirements that might be reasonably anticipated.
Liquidity shall be achieved by matching investment
maturities with forecasted cash flow requirements, by
investing in securities with active secondary markets,
and by using state or local investment pools.
Diversification. The governing body recognizes that in
a diversified portfolio, occasional measured losses due
to market volatility are inevitable, and must be
considered within the context of the overall portfolio's
return, provided that adequate diversification has been
implemented. Therefore, assets held in the common
investment portfolio shall be diversified to eliminate the
risk ofloss resulting from one concentration of assets in
a specific maturity, a specific issuer or a specific class of
securities.
Yield. The investment portfolio goal (benchmark)
against which the yield is compared will be established
from time to time by the Finance Director.
Recommendations by the Investment Committee will be
considered when the performance measure is being
established. Efforts to seek higher than the above goal
must be consistent with risk limitations identified in this
policy and prudent investment principles. The City's
investment portfolio shall be designed with the
objective of attaining a rate of return which is consistent
with the risk limitations and cash flow characteristics of
the City's investments.
IV. INVESTMENT COMMITTEE
An investment committee consisting of the City
Attorney, City Manager and Director of Finance will
meet on a quarterly basis. The Investment Committee
CITY OF WYLIE, TEXAS
INVESTMENT POLICY
shall be authorized to invite advisors to the meetings as
needed.
The investment officer will present a brief report of
investment activities to the Investment Committee. The
primary objectives of the committee will be to
(1 ) make recommendations regarding investment
strategies
(2) approve a list of authorized brokers, dealers,
banks, savings and loans, credit unions, and
pools
(3) recommend a list of authorized training sources
for the state mandated investment training and
(4) monitor program results.
The committee shall include in its deliberations such
topics as performance reports, economic outlook,
portfolio diversification, maturity structure, potential
risk to the city's funds, and the target rate of return on
the investment portfolio. The Investment Committee
shall provide for minutes of its meetings.
V. DELEGATION OF AUTHORITY
Management responsibility for the investment program
is delegated by the City Council to the City Manager
who will designate the Finance Director as Investment
Officer (hereinafter referred to as the "Director"). The
Director's authority will at all times be limited by
conformance with all Federal regulations, State of Texas
statutes and other legal requirements including the City
Charter and City Ordinances, including this Policy.
The Director shall develop and maintain written
administrative procedures for the operation of the
investment program consistent with this Policy. The
controls shall be designed to prevent, identifY and
control losses of public funds arising from deviation
from this Policy, fraud, employee error, and
misrepresentation by third parties, or imprudent actions
by employees and officers of the City.
With written approval from the City Manager, the
Director may delegate any phase of the investment
management program to members of the City staff.
Such approval shall state specifically the functions such
person is authorized to perform or that the person is
authorized to perform all activities of the Director under
this Policy. The Director shall obtain and maintain, at
the City's expense, fidelity bonds for himself and each
of his designees in amounts determined adequate by the
Director (which shall not be less than five percent ofthe
amounts subject to this Policy) for each fiscal year as
shown by the approved budget. No person may engage
in an investment transaction except as provided under
the terms of this Policy and the internal procedures
established by the Director. A current list of persons
authorized to transact investment business and wire
funds on behalf of the City shall be maintained by the
Director.
At the discretion of either the City Manager or the
Director and in any event upon the termination or
reassignment of any member of the Director's staff
authorized to conduct transactions for the City pursuant
to this Policy, the authority of such person shall be
revoked and such revocation of authority shall be
immediately communicated by the Director orally and in
writing to each and every depository, broker/dealer,
investment advisor, custodian and other agency or entity
with whom the City has any existing or continuing
relationship in the management of its investments.
VI. INVESTMENT STRATEGY
The City of Wylie maintains a pooled investment
portfolio. The pooled portfolio utilizes specific
investment strategies designed to address the unique
characteristics of the pooled investment portfolio. The
pooled investment portfolio includes Operating Funds,
Debt Service Funds, Debt Service Reserve Funds,
Capital Projects and Special Purpose Funds. Investment
strategies for these different groups are detailed below.
(1) Investment strategies for operating, debt
service, capital project, and special purpose funds have
as their primary objective to assure that anticipated cash
outflows are matched with adequate investment
liquidity. The secondary objective is to create a
CITY OF WYLIE, TEXAS
INVESTMENT POLICY
portfolio structure which will experience minimal
volatility during economic cycles.
(2) The investment strategy for the debt service
reserve funds shall have as the primary objective the
ability to generate a dependable revenue stream from
securities with a low degree of volatility. Securities
should be of high quality, with short to intermediate
term maturities. Except as may be required by a bond
ordinance, securities should be of high quality with
short to intermediate-term maturities.
VII. STANDARD OF CARE
Investments shall be made with judgment and care,
under prevailing circumstances, that a person of
prudence, discretion, and intelligence would exercise in
the management of the person's own affairs, not for
speculation, but for investment, considering the
probable safety of capital and the probable income to be
derived. Investment of funds shall be governed by the
following investment objectives, in order of priority:
(1)
preservation and safety of principal;
(2)
liquidity; and
(3) diversification; and
(4) yield.
In determining whether an investment officer has
exercised prudence with respect to an investment
decision, the determination shall be made taking into
consideration:
(I) the investment of all funds, or funds under the
City's control, over which the officer had
responsibility rather than a consideration as to
the prudence of a single investment; and
(2) whether the investment decision was consistent
with the written investment policy of the City.
The Director and his staff shall recognize that the
investment activities of the City are a matter of public
record. Therefore, all participants in the investment
process shall seek to act responsibly as custodians of the
public trust. Investment officials shall avoid any
transactions that might impair public confidence in the
City's ability to govern effectively.
VIII. INVESTMENTS AUTHORIZED BY THE
CITY OF WYLIE
Authorized investments for municipal governments in
the State of Texas are set forth in the Public Funds
Investment Act, as amended (Section 2256.009-
2256.019, Government Code). However, suitable
investments for the City of Wylie are limited to the
following.
(1) Direct obligations of the United States or its
agents and instrumentalities with a stated maturity of
5 years or less.
(2) Certificates of deposit issued in the State of
Texas with a maximum maturity of 18 months or less
and insured by the Federal Deposit Insurance
Corporation.
(3) Fully collateralized direct repurchase
agreements with a defined termination date of 180 days
or less which are secured by obligations of the United
States or its agencies and instrumentalities and pledged
with a third party in the City's name. The agreement
must be placed through a primary government securities
dealer, as defined by the Federal Reserve, or by a
financial institution doing business in the State of
Texas. Each issuer of repurchase agreements shall be
required to sign a master repurchase agreement.
(4) Approved investment pools as described in
Section 2256.016 which are continuously rated no lower
than AAA, AAA-m or an equivalent rating by at least
one nationally recognized rating agency and have a
weighted average maturity no greater than 90 days.
IX. OTHER INVESTMENT GUIDELINES
CITY ()F WYLIE, TEXAS
INVESTMENT POLICY
The City seeks active management of its portfolio
assets. In order to meet the objectives of this Policy, the
City may from time to time sell securities that it owns in
order to better position its portfolio assets. Sales of
securities prior to maturity shall be documented and
approved by the Director before such a transaction is
consummated. Sales of securities yielding net proceeds
less than 92% of the book value of the securities must
be approved in advance and in writing by the City
Manager. Three examples of situations involving the
sale of securities prior to maturity are
(1 ) swap - to sell an investment to realize a
capital gain,
(2) To better position selected investments due
to a change in market conditions,
(3) To react to emergency liquidity demands.
Each investment transaction must be based upon
competitive quotations received from at least three
broker/dealers who have been approved by the City in
accordance with Texas law.
The purchase and sale of all securities shall be on a
delivery versus payment or payment versus delivery
basis (i.e., for securities purchases, monies will not be
released by the City's safekeeping bank until securities
are received at the Federal Reserve Bank for further
credit to the City's safekeeping bank. In the case of
securities sales, monies will be received by the City's
safekeeping bank via the Federal Reserve Bank as the
securities are simultaneously released to the purchaser).
In this manner the City will always have possession of
either its securities or its monies.
X. DIVERSIFICATION AND MATURITY LIMITS
It is the policy of the City to avoid concentration of
assets in a specific maturity, a specific issue, or a
specific class of securities, with the exception of U.S.
Treasury issues. The asset allocation in the portfolio
should, however, be flexible depending upon the
outlook for the economy and the securities markets.
The City will not exceed the following maximum limits
as a percentage of the total portfolio for each of the
. rtdbl
categorIes IS e eow:
Max. %
of Max.
Investment Category Portfolio Maturity
Obligations of the United 100% 5 years
States or its agencies and
instrumentalities.
Certificates of Deposit 15% 18 mono
Repurchase Agreements 100% 180 days
NOT Reverse Repurchase
Agreements
The Director shall evaluate how each security purchased
fits into the City's overall investment strategy.
At all times the City shall maintain 10 percent of its
total investment portfolio in instruments maturing in 90
days or less. The weighted average maturity of all
securities and certificates of deposit in the City's total
investment portfolio at any given time (not including
cash or demand deposits) shall not exceed 2 years.
XI. SELECTION OF BROKERSIDEALERS
The City shall maintain a list of broker/dealers and
financial institutions which have been approved for
investment purposes by the investment committee. (For
the purpose of this investment policy, Broker/dealer will
be used to refer to any brokerage firm, bank, investment
pool, or financial institution with which the City does
investment business). Securities may only be purchased
from those authorized institutions and firms. The
authorized broker/dealers will be reviewed at least
annually. To be eligible, a broker/dealer must meet at
least one of the following criteria: 1) be recognized as a
Primary Dealer as defined by the New York Federal
CITY OF WYLIE, TEXAS
INVESTMENT POLICY
Reserve Market Reports Division; or 2) complies with
Securities and Exchange Commission Rule 15C3-1, the
Uniform Net Capital Requirement Rule. If the City's
depository bank also provides custodial and safekeeping
services for the City, the bank may not be included as an
authorized broker/dealer for the City, however (Non-
negotiable Certificate of Deposits are exempt from this
policy.
Broker/dealers will be selected and recommended to the
investment committee by the Director on the basis of
their financial stability, expertise in cash management
and their ability to service the City's account. Each
broker/dealer that has been authorized by the City shall
be required to submit and annually update a
Broker/Dealer Information Request form which includes
the firm's most recent financial statements. The
Director shall maintain a file which includes the most
recent Broker/Dealer Information Request forms
submitted by each firm approved for investment
purposes. A copy of the submitted Broker/Dealer
Information Request forms as well as a list of those
broker/dealers approved by the City shall be maintained
by the Director (See Appendix A).
The City of Wylie will provide all approved securities
dealers with a copy of the City's Investment Policy. A
principal in the firm must execute a written statement
acknowledging receipt and review of the policy and a
statement acknowledging that reasonable procedures
and controls have been implemented to preclude
imprudent investment activities being conducted
between the entity and the securities firm (See
Appendix B).
All approved broker/dealer firms must have a completed
City of Wylie broker/dealer questionnaire, investment
policy, written acknowledgment per above guidelines,
executed master repurchase agreement, if applicable,
and current financial information on file. Certification
language should be mutually acceptable to both parties.
An investment officer of the City may not buy any
securities from a person who has not delivered to the
City an instrument substantially in the form provided by
this policy.
The Director shall review the quality of service and
financial stability of each broker/dealer and financial
institution approved under this Section at least annually.
Any approved broker/dealer or financial institution may
be removed from the list of approved broker/dealers
with the approval of the Director, ifin the opinion of the
Director, the firm has not performed adequately or its
financial position is considered inadequate.
XII. SAFEKEEPING AND CUSTODY
Investment securities purchased for the City will be
delivered by either book entry or physical delivery and
shall be held in third-party safekeeping by a Federal
Reserve Member financial institution designated as the
City's safekeeping and custodian bank. The City may
designate more than one custodian bank. The City shall
execute a Safekeeping Agreement with each bank prior
to utilizing the custodian's safekeeping services. Only a
state or national bank located within the State of Texas
may be utilized as a custodian of securities pledged to
secure certificates of deposit. The safekeeping
agreement must provide that the safekeeping bank will
immediately record and promptly issue and deliver a
signed safekeeping receipt showing the receipt and the
identification of the security, as well as the City's
interest.
The Director shall maintain a list of designated
custodian banks and a copy of the Safekeeping
Agreement executed with each custodian bank.
The City must approve release of securities in writing
prior to their removal from the custodial account. A
telephone facsimile of a written authorization shall be
sufficient ifthe custodian orally confirms receipt of the
transmission and an exact copy of the document is
retained in the City's files. In no event shall the
custodial bank be an authorized depository bank, issuer
of repurchase agreements in which the City invests or
broker/dealer of securities on behalf of the City.
CITY OF WYLIE, TEXAS
INVESTMENT POLICY
All securities shall be confirmed in the name of the City
and delivered to an approved custodial bank or carried
at a Federal Reserve Bank in the name of the City. The
Custodian shall not otherwise deposit purchased or
pledged securities. All book entry securities owned by
the City shall be evidenced by a safekeeping receipt
issued to the City and signed by the appropriate officer
at the custodian bank stating that the securities are held
in the Federal Reserve System in a CUSTOMER
ACCOUNT naming the City as the "customer." In
addition, the custodian bank will, when requested,
furnish a copy of the delivery advice received by the
custodian bank from the Federal Reserve Bank.
All certificated securities (those transferred by physical
delivery) shall: 1) be held by an approved custodian
bank or any correspondent bank in New York City
approved by the Director; and 2) the correspondent
bank or the City's safekeeping bank shall issue a
safekeeping receipt to the City evidencing that the
securities are held by the correspondent bank for the
City.
-
The original safekeeping receipt for each transaction
including purchased securities under a repurchase
agreement and collateral securing deposits will be
forwarded to the Director or his designee and held in a
secured file by the City.
XIII. RECORD KEEPING AND REPORTING
A record shall be maintained of all bids and offerings
for securities transactions in order to ensure that the City
receives competitive pricing. All transactions shall be
documented by the person authorizing the transaction in
a form that shows that person's name, the party
instructed to execute the transaction, the date, a
description of the transaction and a brief statement of
the reason(s) for the transaction.
At least annually, the Director shall verifY that all
securities purchased by or pledged to the City are on
hand in appropriate form. The City, in conjunction with
its annual financial audit, shall perform a compliance
audit of management controls on investments and
adherence to the City's established investment policies.
Each depository of the City's funds shall maintain
separate, accurate and complete records relating to all
deposits of the City's funds, the securities pledged to
secure such deposits and all transactions relating to the
pledged securities. Each approved custodian shall
maintain separate, accurate and complete records
relating to all securities received on behalf of the City,
whether pledged, purchased or subject to repurchase
agreement, as well as all transactions related to such
securities. In addition, each depository shall file all
reports required by the Texas State Depository Board.
Each depository and custodian shall agree to make all
the records described in this paragraph available to the
Director or designee and the City's auditors at any
reasonable time.
All broker/dealers, custodians, depositories and
investment advisors shall maintain complete records of
all transactions that they conducted on behalf of the City
and shall make those records available for inspection by
the Director or other representatives designated by the
City Councilor City Manager.
All sales of securities for less than the book value of the
security shall be approved by the Director. Sales of
securities for less than 92 percent of the book value of
the securities must be approved by both the City
Manager and the Director.
An investment report shall be prepared by the Director
and signed by each officer and employee of the City
authorized to conduct any of the City's investment
activity, on a annual basis listing all of the investments
held by the City, beginning and ending market value for
period, the current market valuation ofthe investments
and transaction summaries, including a detailed list of
the gains and losses recognized. The market value will
be determined by: (I) written reports such as the Wall
Street Journal; (2) on-line services such as Bloomberg;
or (3) through a primary dealer or national bank that is
independent of the specific security being valued. The
report must state the pooled fund group for each
CITY OF WYLIE, TEXAS
INVESTMENT POLICY
asset/security. The report shall explain the total
investment return during the previous quarter and
compare the portfolio's performance to other
benchmarks of performance. If invested in securities,
the City's audit firm must review the quarterly reports
annually and the result of the review shall be reported to
the City Council by that auditor.
Within 90 days after the end of the City's fiscal year, the
Director shall prepare, sign and deliver to the City
Manager and the City Council an annual report on the
City's investment program and investment activity
which has also been signed by each officer and
employee of the City authorized to conduct any of the
City's investment activity. The annual report shall
include full year investment returns. Such annual report
shall include an analysis of the compliance with this
Policy as well as changes in the applicable laws and
regulations during the previous year and may include
any other items of significance related to the investment
program. The annual investment report will be
reviewed as a part of the annual audit.
XIV. ETHICS AND CONFLICTS OF INTEREST
Officers and employees of the City involved in the
investment process shall refrain from personal business
activity that involves any of the City's approved
custodians, depositories, broker/dealers or investment
advisors. Employees and officers shall not utilize
investment advice concerning specific securities or
classes of securities obtained in the transaction of the
City's business for personal investment decisions, shall
in all respects subordinate their personal investment
transactions to those of the City, particularly with regard
to the timing of purchases and sales and shall keep all
investment advice obtained on behalf of the City and all
transactions contemplated and completed by the City
confidential, except when disclosure is required by law.
An investment officer of the City who has a personal
business relationship with an organization seeking to
sell an investment to the City shall file a statement
disclosing that personal business interest. An
investment officer who is related within the second
degree by affinity or consanguinity to an individual
seeking to sell an investment to the City shall file a
statement disclosing that relationship. A statement
required under this subsection must be filed with the
Texas Ethics Commission and the governing body of
the City.
XV. POLICY REVISIONS
This Investment Policy will be reviewed at least
annually by the City Attorney, City Manager and
Director of Finance and revised when necessary. All
revisions shall be approved by the City Council.