Council delegates authority to invest surplus city funds and reviews investment policy

Council voted to delegate authority under Government Code 53607 to the Director of Administrative Services (also serving as city treasurer) and a senior accountant to invest surplus city funds for the current fiscal year. Staff explained surplus funds are cash not needed for immediate obligations and are routinely placed in allowable vehicles — treasuries, money markets and certificates of deposit — under the city’s investment policy.

Staff cited the city’s practice of monthly reconciliation and reporting through the annual comprehensive financial report and said the city earned about $2.3 million in investment returns in the most recent audited fiscal year. Mike Gonzalez of Shuster Advisory Services summarized state guardrails under Government Code 53601 and recommended maintaining a 1–5 year fixed‑income approach; council approved the delegation and the investment policy update.