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Presentation, discussion, and possible action on Resolution No. 24-016 regarding the annual approval of the Department’s Investment Policy
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RECOMMENDED ACTION
Adopt attached resolution.
BACKGROUND
The provisions of Tex. Gov’t Code, Chapter 2256 (also known as the Public Funds Investment Act) require state agency boards to develop, adopt annually, and maintain a written investment policy (the Investment Policy) that, among other things, details investment priorities and strategies, describes permissible investments, addresses ethics and conflicts of interest, establishes training requirements, and designates Investment Officers. The Investment Policy also establishes requirements for financial advisors and service providers, and requires that investment professionals acknowledge receipt of the Investment Policy in order to do business with the Department.
Staff, in conjunction with the Department’s Financial Advisor and Bond Counsel, have reviewed the proposed Investment Policy and recommend approval and adoption of Resolution24-016.
The proposed Investment Policy, blacklined against the prior policy, proposes no significant changes and includes only minor comments (dates and clean-up) and compliance with state law; a copy is attached for your reference.