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Campbell City Council - Regular Meeting met on 2025-09-16. This summary uses official minutes text and focuses on substantive outcomes rather than routine meeting procedure.
Key Decisions
The motion was adopted by the following roll call vote: - (Ordinance/Roll Call Vote) Recommended Action: It is recommended that the City Council adopt an ordinance to extend Interim Ordinance No.
Approval of the Fiscal Year (FY) 2025-26 City of Campbell Investment Policy Update (Resolution/Roll Call Vote) Recommended Action: It is recommended that the City Council adopt a Resolution approving the annual update to the City ’ s Investment Policy for FY 2025-26.
Parks and Recreation Master Plan (Resolution/Roll Call Vote) Recommended Action: That the City Council adopt a resolution approving the Parks and Recreation Master Plan.
Minutes of September 16, 2025 City Council Meeting Page 7 APPROVED: ATTEST: Sergio Lopez, Mayor Kristen Epolite, Deputy City Clerk - 1 informational item is noted separately below.
Why It Matters
This summary is based on approved minutes text, so action language is treated as outcome evidence rather than agenda-only planned action.
The recorded actions may affect city services, public spending, implementation timelines, or future council oversight.
Topics Discussed
Approval of the Fiscal Year (FY) 2025-26 City of Campbell Investment Policy Update (Resolution/Roll Call Vote) Recommended Action: It is recommended that the City Council adopt a Resolution approving the annual update to the City ’ s Investment Policy for...
What Happens Next
No specific follow-up step was clearly detected beyond implementation of the recorded actions.
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Reconstructed agenda items • Rebuilt from agenda text because source-provided agenda items were unavailable.
1
Minutes of City Council Executive Session Meeting of September 2, 2025 Recommended Action: Approve the executive session meeting minutes of September 2, 2025.
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Public comment item
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Proclamation Declaring the Week of September 1-5, 2025 as "National Payroll Week" in the City of Campbell Recommended Action: It is recommended that the City Council proclaim the week of September 1 - 5, 2025 as "National Payroll Week" in
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COUNCIL COMMITTEE REPORTS: the City of Campbell. Mayor Lopez presented information related to National Payroll Week and invited Finance Director Will Fuentes and Payroll Technician Kim Graham to speak. 2 Packet Pg. 6 Minutes Acceptance: Minutes of Sep 2, 2025...
1
Approve amended CPI fee adjustments for FY 2026 Minor Housing Development Project Permit (HDPP) fees.
Safety: Safety of principal is the foremost objective of the City of Campbell.
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BACKGROUND: Safety and the minimizing of risk associated with investing refer to attempts to reduce the potential for loss of principal, interest or a combination of the two. The City ensures safety of its invested idle funds and limits credit and interest rat...
This Investment Policy shall be reviewed and approved annually as recommended by California Government Code Section 53600 et. seq.
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BACKGROUND
1
Responsibilities of the City Council: The City Council consists of a Mayor and four Council members and is the policy setting board for the City of Campbell.
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BACKGROUND: The City Council has considered and adopted a written Investment Policy for the City of Campbell. Pursuant to the City's Financial Policies, the City Council shall on an annual basis, approve necessary changes to the Investment Policy as recommende...
Public comment item
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Pursuant to California Government Code, Section 53600.3, all persons authorized to make investment decisions on behalf of the City are trustees and therefore fiduciaries subject to the Prudent Investor Standard.
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BACKGROUND: This means that all governing bodies of local agencies or persons authorized to make investment decisions on behalf of those local agencies investing public funds pursuant to 6.b Packet Pg. 39 Attachment: Investment Policy FY 2025-26 (REDLINE) (Ann...
1
In the instance of any conflict between the City of Campbell Investment Policy and Government Code Section 53600 et seq, the more stringent requirement shall apply.
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BACKGROUND
1
United States Treasury bills, notes, bonds, or strips with a final maturity not exceeding five years from the date of purchase.
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BACKGROUND
1
All investment transactions shall be conducted on a delivery-versus-payment (DVP) basis.
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BACKGROUND: B. Safekeeping:
1
The City shall contract with a bank or banks for the safekeeping of securities which are owned by the City as a part of the investment portfolio.
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BACKGROUND: Staff shall periodically review the performance and pricing of the third-party, safekeeping agent services.
Public comment item
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BACKGROUND: The Agency shall require any commercial bank or savings and loan association to deposit eligible securities with an agency of a depository approved by the State Banking Department to secure any uninsured portion of a Non-Negotiable Certificate of D...
10
Approval of Plans and Specifications, Authorization to Solicit Bids, Award and Approve Contract, and Other Associated Actions for the John
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COUNCIL COMMITTEE REPORTS
Public comment item
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Negotiable Certificates of Deposit (NCDs) issued by a nationally or state-chartered bank, a savings association or a federal association, a state or federal credit union, or by a federally licensed or state-licensed branch of a foreign
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BACKGROUND: bank, provided that the purchase of 6.b Packet Pg. 42 Attachment: Investment Policy FY 2025-26 (REDLINE) (Annual Investment Policy Update FY 2025-26)
11
Campbell Multimodal Transportation Plan Workplan Recommended Action: That the City Council receive the report regarding an overview of the Campbell Multimodal Transportation Plan workplan.
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COUNCIL COMMITTEE REPORTS: Environmental Programs Specialist Hudson and Alta Planning Assistant Project Manager Charlie Simpson presented a staff report dated September 2,
State of California’s Local Agency Investment Fund (LAIF), pursuant to California Government Code Section 16429.1.
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BACKGROUND
12
Designation of Voting Delegate and Alternate for 2025 League of California Cities Annual Conference Recommended Action: That the City Council designate a Voting Delegate and Alternate(s) for the League of California Cities Annual
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COUNCIL COMMITTEE REPORTS: Conference General Business Meeting to be held on October 10,
12
Mutual Funds registered under the Investment Company Act of 1940 that (1) are “no-load” (meaning no commission or fee shall be charged on purchases or sales of shares); (2) invest only in the securities and obligations authorized in this
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BACKGROUND: policy and (3) have a rating of AAA by Standard and Poor's, Aaa by Moody's or AAA/V1+ by Fitch. No more than 10% of the City’s total portfolio may be invested in mutual funds of any one issuer, and the aggregate investment in mutual funds shall not...
13
Council Committee Reports Recommended Action: That the City Council report on activities from their committee assignments.
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COUNCIL COMMITTEE REPORTS: Councilmember Scozzola attended the Friends of the Heritage theatre meeting; the Summer Concert Series; the State of the City event; and the South Bay Labor, Labor Day barbecue event. Vice Mayor Furtado attended the Mayors and Manage...
13
Money Market Mutual Funds registered under the Investment Company Act of 1940 that (1) are “no-load” (meaning no commission or fee shall be charged on purchases or sales of shares); (2) have a constant daily net asset value per share of
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BACKGROUND: $1.00; (3) invest only in the securities and obligations authorized in this policy and (4) have a rating of at least two of the following: AAA by Standard and Poor's, Aaa by Moody's or AAA/V1+ by Fitch. No more than 20% of the City’s total portfoli...
14
Municipal and State Obligations with a minimum long-term rating of A/A-1 or higher by Standard and Poor’s and not exceeding 30% of the portfolio and the maximum maturity does not exceed 5 years: (a) Bonds Issued by the Local Agency (City
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BACKGROUND: of Campbell) including bonds payable solely out of the revenue from a revenue-producing property owned, controlled, or operated by the local agency or by a department, board, agency, or authority of the local agency.) (b) State Obligations includin...
15
Asset-Backed, Mortgage-Backed, Mortgage Pass-Through Securities, and Collateralized Mortgage Obligations from Issuers Not Defined in sections 1, 2 and 3 of the Authorized Securities and Transactions Section of This Policy, provided that:
Supranationals, provided that: (a) Issues are US dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development, International Finance
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BACKGROUND: Corporation, or Inter-American Development Bank. (b) The securities are rated in a rating category of “AA” or its equivalent or better by a NRSRO. (c) No more than 30% of the total portfolio may be invested in these securities. (d) No more than 10%...
17
Shares of Beneficial Interest Issued by a Joint Powers Authority (JPA) organized pursuant to Section 6509.7 that invests in the securities and obligations authorized in subdivisions (a) to (q), inclusive.
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BACKGROUND: Each share shall represent an equal proportional interest in the underlying pool of securities owned by the joint powers authority and be rated AAA or equivalent. To be eligible under this section, the joint powers authority issuing the shares shal...
18
Following initial adoption, the Government Code allows a city to extend an interim ordinance for a period of up to 10 months and 15 days after a duly noticed public hearing.
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ENVIRONMENTAL DETERMINATION: The additional time is intended to allow for the preparation of a permanent ordinance and/or the adoption of policies to address the land use matters that prompted the interim ordinance. DISCUSSION Item: 4 Category: PUBLIC HEARINGS...
Proclamation Declaring the Month of September 2025 as "Childhood Cancer Awareness Month" in the City of Campbell Recommended Action: That the City Council authorize the Mayor to proclaim the month of September 2025 as Childhood Cancer
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COUNCIL COMMITTEE REPORTS: Awareness Month in the City of Campbell. Item taken out of order, following the Pledge of Allegiance. Mayor Lopez shared information on Childhood Cancer Awareness Month. He invited Lisa Pagán, Founder and Executive Director of KoaStr...
2
Do not approve corrected CPI fee adjustments for FY 2026 Minor Housing Development Project Permit (HDPP) fees.
Liquidity: Liquidity is the second most important objective of the City's Policy.
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BACKGROUND: Liquidity refers to the ability to convert an investment to cash promptly without loss of principal and minimal loss of interest. For example, this is accomplished by maintaining sufficient balances in liquid investment products, such as the Local...
2
Responsibilities of the Finance Sub-Committee: The Finance Sub- Committee consists of two Council members, the City Manager, the Finance Director, and the Assistant Finance Director.
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BACKGROUND: On an annual basis, this Sub- Committee shall review necessary revisions to the established Investment Policy of the City of Campbell and make a recommendation to the City Council accordingly. No less than once per fiscal year, the City's investmen...
2
The City’s overall investment program shall be designed and managed with a degree of professionalism that is worthy of the public trust.
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BACKGROUND: The City recognizes that no investment is totally riskless and that the investment activities of the City are a matter of public record. Accordingly, while the intent of the City is to hold purchased securities to maturity, the City recognizes that...
2
Federal Agency debentures and mortgage-backed securities with a final maturity not exceeding five years from the date of purchase issued by the Government National Mortgage Association (GNMA).
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BACKGROUND: The aggregate investment in Federal Agency obligations shall not exceed 75% of the City’s total portfolio. No more than 30% of the total portfolio may be invested in any single Agency issuer. No more than 20% of the total portfolio may be invested...
2
All investment securities (except the collateral for certificates of deposit in banks, and/or savings and loans) purchased by the City shall be held in third-party safekeeping by an institution designated as primary agent. The primary
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BACKGROUND: agent shall issue a safekeeping receipt to the City listing the specific instrument, rate, maturity and other pertinent information, and shall provide monthly reports of activity and ending balances for all securities held on behalf of the City.
2
Collateralization of Bank Deposits.
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BACKGROUND: This is the process by which a bank or financial institution pledges securities, or other deposits for the purpose of securing repayment of deposited funds. The Agency shall require any bank or financial institution to comply with the collateraliza...
3
Approving Bills and Claims Recommended Action: Approve the bills and claims in the amount of $2,674,699.61.
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PUBLIC HEARINGS AND INTRODUCTION OF ORDINANCES NOTE: Members of the public may be allotted up to two (2) minutes to comment on any public hearing item. Applicants/Appellants and their representatives may be allotted up to a total of five (5) minutes for openin...
Public comment item
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BACKGROUND: Prepared by: Shannon Brangan, Administrative Analyst I 5 Packet Pg. 25 Reviewed by: Will Fuentes, Finance Director Approval of Amendment to FY 2026 Schedule of Fees and Charges Page 4 of 4 Approved by: Brian Loventhal, City Manager Attachment:
Public comment item
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Return: Return on the City's portfolio is last in rank among investment objectives.
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BACKGROUND: Investments are limited to relatively low risk securities in anticipation of earning a fair return relative to the risk being assumed.
3
Responsibilities of the City Manager: The City Manager is responsible for directing and supervising the Finance Director.
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BACKGROUND: He/she has the responsibility of keeping the City Council fully advised as to the financial condition of the City.
3
Federal Instrumentality (government sponsored enterprise (GSE)) debentures, discount notes, callable and step-up securities, with a final maturity not exceeding five years from the date of purchase, issued by the following only: Federal
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BACKGROUND: Home Loan Banks (FHLB), Federal National Mortgage Association (FNMA), Federal Farm Credit Banks (FFCB) and Federal Home Loan Mortgage Corporation (FHLMC). The aggregate investment in Federal Instrumentality obligations shall not exceed 75% of the C...
30
The Council subsequently adopted a revised interim ordinance (Ordinance No. 2334) at its August 4 meeting to incorporate these amendments.
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ENVIRONMENTAL DETERMINATION: Pursuant to California Government Code Section 65858, the interim ordinance is in effect for 45 days, expiring on September
Public Hearing to Consider Adoption of an Interim Ordinance Extending Ordinance No. 2334 to Continue Urgency Measures Implementing Senate Bill 1123 (2024) and Assembly Bill 130 (2025) Regarding Ministerial Approval of Starter Home
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Projects. (Ordinance/Roll Call Vote) Recommended Action: It is recommended that the City Council adopt an ordinance to extend Interim Ordinance No. 2334.
4
Minutes of City Council Executive Session Meeting of August 19, 2025 Recommended Action: Approve the Executive Session meeting minutes of August 19,
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COUNCIL COMMITTEE REPORTS
Public comment item
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Responsibilities of the Finance Director: The Finance Director is appointed by the City Manager and serves as Chief Fiscal Officer.
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BACKGROUND: He/she is subject to the direction and supervision of the City Manager. The Finance Director is charged with the responsibility for the conduct of all Finance Department functions including the custody and investment of City funds, and investment o...
4
Repurchase Agreements with a final termination date not exceeding one year collateralized by U.S.
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BACKGROUND: Treasury obligations, Federal Agency securities, or Federal Instrumentality securities listed in items 1, 2 and 3 above with the maturity of the collateral not exceeding five years. For the purpose of this section, the term collateral shall mean pu...
5
Approval of Amendment to Fiscal Year (FY) 2026 Schedule of Fees and Charges Recommended Action: That the City Council adopt a Resolution amending Housing Development Project Permit fee rates for minor projects to be incorporated into the
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City's existing Fiscal Year (FY) 2026 Schedule of Fees and Charges, effective November 15,
Responsibilities of the Assistant Finance Director: The Assistant Finance Director is appointed by the Finance Director and serves as the Investment Manager for the City pursuant to specific delegation authority provided by this Investment
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BACKGROUND: Policy. He/she is subject to the direction and supervision of the Finance Director and is charged with the responsibility and conduct of the day- to-day accounting and cash management functions of the City. This includes the custody and investment...
Public comment item
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Prime Commercial Paper with a maturity not exceeding 270 days from the date of purchase with the highest ranking or of the highest letter and number rating as provided for by a Nationally Recognized Statistical Ratings Organization
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BACKGROUND: (NRSRO). The entity that issues the commercial paper shall meet all of the following conditions in either sub-paragraph
6
Approving Bills and Claims Recommended Action: Approve the bills and claims in the amount of $3,930,558.09.
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COUNCIL COMMITTEE REPORTS: This action approves the bills and claims in the amount of $3,930,558.09 as follows: bills and claims checks dated August 4, 2025, in the amount of $316,573.61; bills and claims checks dated August 8, 2025, in the amount of $3,030,20...
Public comment item
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BACKGROUND: The policy does not cover funds held by the Public Employees Retirement System nor funds of the Deferred Compensation program.
6
Responsibilities of the Accountant: The Accountant is appointed by the Finance Director and is subject to the direction and supervision of the Assistant Finance Director.
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BACKGROUND: The Accountant carries out the specific instructions provided by the Assistant Finance Director regarding the purchase and sale of securities in accordance with principles of sound treasury management and in accordance with applicable laws and poli...
6
Eligible Bankers Acceptances provided that no more than 5% of the City’s total portfolio may be invested in banker’s acceptances of any one issuer, and the aggregate investment in banker’s acceptances shall not exceed 30% of the City’s
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BACKGROUND: total portfolio. The maximum maturity does not exceed 180 days.
7
Parks and Recreation Master Plan (Resolution/Roll Call Vote) Recommended Action: That the City Council adopt a resolution approving the Parks and Recreation Master Plan.
Monthly Investment Transactions Report (July 2025) Recommended Action: That the City Council review and accept the Monthly Investment Transactions Report for July
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COUNCIL COMMITTEE REPORTS
Public comment item
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Medium Term Notes issued by corporations organized and operating within the United States or by depository institutions licensed by the United States or any state and operating within the United States, with a final maturity not exceeding
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BACKGROUND: five years from the date of purchase, and are rated in a rating category of “A” or its equivalent or better by at least one NRSRO. No more than 5% of the City’s total portfolio may be invested in medium term notes of any one issuer and the aggregat...
8
Council Committee Reports Recommended Action: That the City Council report on activities from their committee assignments.
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COUNCIL COMMITTEE REPORTS: ADJOURN IMPORTANT NOTICE: Materials related to an item on this agenda submitted to the City Council after distribution of the agenda packet are available for public inspection with the agenda packet in the lobby of City Clerk’s Offic...
8
Monthly Treasurer's Report (July 2025) Recommended Action: That the City Council review and accept the Monthly Treasurer’s Report for the month ended July 31,
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COUNCIL COMMITTEE REPORTS
Public comment item
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Non-negotiable Time Certificates of Deposit and savings deposits with a maturity not exceeding five years, in state or nationally chartered banks or savings and loans with a California branch office that are insured by the FDIC. Time
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BACKGROUND: Certificates of Deposit exceeding the FDIC insured amount must be secured pursuant to California Government Code Section
9
Approve a Contract and Authorize the City Manager to Execute a Consultant Services Agreement with HMH Engineers for the Preparation of the East Campbell Avenue Plan Line Project 25-CC (Resolution/Roll Call Vote) Recommended Action: That
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COUNCIL COMMITTEE REPORTS: the City Council adopt a resolution approving a contract and authorizing the City Manager to execute a consultant services agreement with HMH Engineers for the preparation of the East Campbell Avenue Plan Line Project 25-CC. Vice May...
9
Certificates of Deposit at commercial bank, savings bank, or savings and loan association that uses a private sector entity (Certificate of Deposit Account Registry Service) that assists in the placement of certificates of deposit,
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BACKGROUND: provided that the purchase of certificates of deposit do not, in total, exceed 30% of the City’s funds that may be invested for this purpose. The City shall choose a nationally or state chartered commercial bank in California as the “selected” depo...
18.a
Interim Ordinance Extension 4 Packet Pg. 19
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ENVIRONMENTAL DETERMINATION: ORDINANCE NO. _____ BEING AN INTERIM ORDINANCE OF THE CITY COUNCIL OF THE CITY OF CAMPBELL EXTENDING ORDINANCE NO. 2334 TO CONTINUE URGENCY MEASURES IMPLEMENTING SENATE BILL 1123 (2024) AND ASSEMBLY BILL 130 (2025) REGARDING MINIST...
Investing only in those instruments that are generally accepted as safe investment vehicles for local government as authorized by this Policy,
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BACKGROUND
3.a
Wire Transfer Authority: The City Manager has unlimited wire transfer authority for a single transaction.
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BACKGROUND: Such a transaction requires joint review, approval and verification in advance by the City Manager and Finance Director. The transaction shall be highlighted in the Quarterly Investment Report to Council.
Public comment item
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Wire Transfer Authority: The Finance Director has wire transfer authority not to exceed $5,000,000 for a single transaction.
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BACKGROUND: Such a transaction shall be reviewed, approved and verified in advance by the City Manager. The transaction shall be highlighted in the Quarterly Investment Report to Council.
Public comment item
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Wire Transfer Authority: The Assistant Finance Director has wire transfer authority not to exceed $3,000,000 for a single investment transaction.
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BACKGROUND: Such a transaction shall be reviewed, approved and verified in advance by the Finance Director, and shall be reported in the Quarterly Investment Report to Council.
Public comment item
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Wire Transfer Authority: The Accountant has wire transfer authority not to exceed $2,100,000 for a single investment transaction.
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BACKGROUND: The standard operating procedure is that all cash and investment wire transfers made by the Accountant and Senior Accountant are reviewed, approved and verified in advance by the Assistant Finance Director, and are reported in the Quarterly Investm...
Public comment item
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The entity shall (1) be organized and operating in the United States as a general corporation, (2) have total assets in excess of five hundred million dollars ($500,000,000) and (3) have debt other than commercial paper, if any, that is
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BACKGROUND: rated “A” or higher by a NRSRO.
18.a
State law notwithstanding, any investments not specifically described herein are prohibited, including, but not limited to futures and options.
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BACKGROUND
3.a
The securities which collateralize the repurchase agreement shall be priced at Market Value, including any Accrued Interest plus a margin.
The entity shall (1) be organized and operating in the United States as a general corporation, (2) have total assets in excess of five hundred million dollars ($500,000,000) and (3) have debt othe
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BACKGROUND
3.b
Comparative - HDPP Fee Schedule
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BACKGROUND
3.b
Investment Policy FY 2025-26 (REDLINE)
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BACKGROUND
1.b
Carefully reviewing the qualifications and financial strength of financial institutions and broker/dealers prior to conducting business with them,
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BACKGROUND
5.b
The entity shall (1) be organized within the United States as a special purpose corporation, trust, or limited liability company, (2) have program wide credit enhancements, including, but not limited to, over collateralization, letters of
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BACKGROUND: credit or surety bond and (3) have commercial paper that is rated “A-1” or higher, or the equivalent, by a NRSRO. No more than 5% of the City’s total portfolio may be invested in the commercial paper and medium-term notes of any single issuer, and...
18.b
In accordance with Government Code, Section 53601.6, investment in inverse floaters, range notes, or mortgage derived interest-only strips is prohibited.
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BACKGROUND
3.b
Financial institutions shall mark the value of the collateral to market at least monthly and increase or decrease the collateral to satisfy the ratio requirement described above
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BACKGROUND
C
Corrected - HDPP Fee Schedule 5 Packet Pg. 26
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BACKGROUND: RESOLUTION NO. ________________ RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CAMPBELL AMENDING THE FY 2026 SCHEDULE OF FEES AND CHARGES TO BE EFFECTIVE NOVEMBER 15, 2025 WHEREAS , the City Council of the City of Campbell adopted the annual Schedul...
C
Investment Policy FY 2025-26 (CLEAN)
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BACKGROUND
C
This policy specifically prohibits trading securities for the sole purpose of speculating on the future direction of interest rates.
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BACKGROUND: It further prohibits reverse repurchase agreements, use of derivative products, and/or leveraging of the portfolio.
C
Diversifying the investment portfolio as prescribed within this Policy,
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BACKGROUND
C
Investment in any security that could result in a zero interest accrual if held to maturity is prohibited.
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BACKGROUND: Under a provision sunsetting on January 1, 2026, securities backed by the U.S. Government that could result in a zero- or negative-interest accrual if held to maturity are permitted.
C
The Agency shall receive monthly statements of collateral.
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BACKGROUND
D
Labor Negotiations The City Council met in Executive Session to discuss Item B on the agenda.
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COUNCIL COMMITTEE REPORTS: City Attorney Seligmann and Assistant City Manager Gaeta were in attendance. City Attorney Seligmann reported on Executive Session actions in open session at the September 2, 2025 Regular meeting, stating the City Council authorized...
Morgan Park – Budd Ave – Restroom Improvements Project No. 24-DD (Resolution/Roll Call Vote) Recommended Action: That the City Council adopt a resolution 1) approving the plans and specifications for the John
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COUNCIL COMMITTEE REPORTS
D
Morgan Park - Budd Avenue - Restroom Improvements Project (No. 24-DD); 2) authorizing the solicitation of bids; 3) awarding and approving the subsequent construction contract to the lowest, responsive bidder in an amount not to exceed
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COUNCIL COMMITTEE REPORTS: $1,410,000, plus a 10% contingency of $141,000; 4) authorizing the City Manager to execute said contract as specified in Campbell Municipal Code Section 3.20.100; 5) authorizing the City Engineer to negotiate and execute contract cha...
Public comment item
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Morgan Park - Budd Avenue - Restroom Improvements Project (No. 24-DD); authorizing the solicitation of bids; awarding and approving the subsequent construction contract to the lowest, responsive bidder in an amount not to exceed
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COUNCIL COMMITTEE REPORTS: $1,410,000, plus a 10% contingency of $141,000; authorizing the City Manager to execute said contract as specified in Campbell Municipal Code Section 3.20.100; authorizing the City Engineer to negotiate and execute contract change or...
D
Investment Strategy FY 2025-26
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BACKGROUND
D
The City shall ensure the safety of invested funds by limiting credit and interest rate risks.
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BACKGROUND: The three primary objectives of the City's Investment Policy in order of priority are: 6.b Packet Pg. 35 Attachment: Investment Policy FY 2025-26 (REDLINE) (Annual Investment Policy Update FY 2025-26)
Structuring the portfolio such that securities mature to meet the City's cash requirements for ongoing operations, thereby avoiding the need to sell securities on the open market prior to their maturation,
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BACKGROUND
D
Purchasing or selling securities on margin is prohibited.
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BACKGROUND
3.e
Economic and Portfolio Update (Chandler 06-30-25) 6 Packet Pg. 33
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BACKGROUND: RESOLUTION NO.____________________ A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CAMPBELL APPROVING THE ANNUAL UPDATE TO THE INVESTMENT POLICY FOR FISCAL YEAR (FY) 2025-26 WHEREAS, Government Code Section 53646(a)(2) recommends that a statement o...
1.e
Limiting the final maturity of purchased securities to five years limiting the weighted average maturity of the portfolio to three years.
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BACKGROUND: The duration of the portfolio will generally be approximately equal to the duration (typically, plus or minus 20%) of a Market Benchmark, an index selected by the City based on the City’s investment objectives, constraints, and risk tolerances, and
18.e
The purchase of foreign currency denominated securities is prohibited.
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BACKGROUND
1.e
Limiting the final maturity of purchased securities to five years.
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BACKGROUND: The duration of the portfolio will generally be approximately equal to the duration (typically, plus or minus 20%) of a Market Benchmark, an index selected by the City based on the City’s investment objectives, constraints, and risk tolerances, and
1.f
Ensuring the physical security or safekeeping of the City's investments.
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BACKGROUND
18.f
Agencies that are not Qualified Institutional Buyers (QIB) as defined by the Securities and Exchange Commission are prohibited from purchasing Private Placement Securities.
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BACKGROUND: The SEC defines a QIB as having at least $100,000,000 in securities owned and invested.
18.g
The purchase of a security with a forward settlement date exceeding 45 days from the time of investment is prohibited. 6.b Packet Pg. 44 Attachment: Investment Policy FY 2025-26 (REDLINE) (Annual Investment Policy Update FY 2025-26)
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BACKGROUND
I
PURPOSE It is the policy of the City of Campbell to invest public funds in a prudent manner which conforms to all statutes governing the investment of public funds while providing security and meeting the daily cash flow needs of the City.
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BACKGROUND: The purpose of this document is to identify the policies guiding prudent investment of the City’s temporarily idle funds and to establish guidelines and objectives for suitable investments including delegation of authority, prudence, monitoring and...
II
SCOPE A. This investment policy shall apply to all financial assets, investment activities, and debt issues (excluding those debt issues subject to governing documents) of the City of Campbell including the following fund types:
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BACKGROUND
IV
STRUCTURE AND RESPONSIBILITY A.
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BACKGROUND: DELEGATION OF AUTHORITY:
IX
DELIVERY, SAFEKEEPING AND COLLATERALIZATION A.
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BACKGROUND: Delivery:
V
AUTHORIZED SECURITIES AND TRANSACTIONS All investments and deposits of the City shall be made in accordance with California Government Code Sections 16429.1, 53600-53609 and 53630-53686, except that pursuant to California Government Code
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BACKGROUND: Section 5903(e), proceeds of bonds and any moneys set aside or pledged to secure payment of the bonds may be invested in securities or obligations described in the ordinance, resolution, indenture, agreement, or other instrument providing for the i...
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PORTFOLIO MATURITIES AND LIQUIDITY To the extent possible, investments shall be matched with anticipated cash flow requirements and known future liabilities.
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BACKGROUND: The City will not invest in securities maturing more than five years from the date of settlement, unless the City Council has granted authority to make such an investment at least three months prior to the date of investment. The duration of the po...
VII
MONITORING AND REPORTING A.
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BACKGROUND: The Finance Director shall routinely monitor the contents of the portfolio and shall file with the City Council the Assistant Finance Director's Investment Report at the first regularly scheduled City Council meeting after 45 days from the end of t...
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SELECTION OF BROKER/DEALERS The City shall transact business with securities broker/dealers after careful review of their qualifications and creditworthiness.
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BACKGROUND: In selecting broker /dealers, the Finance Director or designated staff member shall select broker/dealers representing primary dealers in government securities that have established offices and order desks within the State of California, or with su...
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DIVERSIFICATION AND ELIGIBLE SECURITIES The City will diversify investment instruments to avoid incurring unreasonable risks in overinvesting in specific instruments, individual financial institutions or maturities.
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BACKGROUND: The following portfolio maximums shall apply: If the credit ratings of any security owned by the City are downgraded to a level below the quality required by this investment policy, it will be the City’s policy to review the credit situation and ma...
