HomeMy WebLinkAboutReso 46-2008R1~SOLUTION NO. 46-2008
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION .APPRORIATING $4,000 TO THE CITY
TREASURER'S BUDGET TO FUND A ONE-TIME
INVESTMENT REVIEW AND REPORT
WHEREAS, the City's investment policy is reviewed annually by the City Council; and
WHEREAS, the City Treasurer meets quarterly with the City Manager, Finance Director,
and Deputy City Treasurer to revievv the portfolio holdings, interest rates, and a general strategy
for the upcoming strategy for the ne:Kt quarter; and
WHEREAS, the City Treasurer reports to the Council quarterly on the contents of the
City's portfolio holdings in accordance with the State of California Government Code; and
WHEREAS, it is prudent from time to time to have an outside review of the City's
investment policy, practices, and holdings; and
WHEREAS, no ongoing funding is budgeted for such services.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of South San
Francisco that the City Council hereby appropriates $4,000 to the City Treasurer's budget to
fund an investment oversight review and report, and funding will come from the General Fund
Undesignated Reserve.
I hereby certify that the foregoing Resolution was regularly introduced and adopted
by the City Council of the City of South San Francisco at a regular meeting held on the 23Ta
day of Apri12008 by the following vote:
AYES: Councilmembers Mark N. Addie~o Richard A. Garbarino, Kevin Mullin,
Mayor Pro Tem Karyl~ Matsumoto and Mayor Pedro Gonzalez
NOES: None
ABSTAIN: None
ABSENT: None
ATTEST:
Clerk