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ar <br /> City of Sunny Isles Beach <br /> soryCommissionuy <br /> o�N' - a Norman S.Edelou .Mmr <br /> os Lewis J.Thaler,Vice Mayor <br /> 18070 Collins Avenue, Suite 250 <br /> \7Roslyn Bruin.Commissioner <br /> � Sunny Isles Beach, Florida 33160 Gerry Goodman,Commsstoner <br /> %. (305) 947-0606 Clly Hall Danny Iglesias,Commissioner <br /> \.\ (305) 949-3113 Fox Chief Fred hlaas,Interim City Manager <br /> ➢jr / (305) 947-2150 Building Deportment Hans Otti of Sr.,C4Airney <br /> o sa s (305) 947-5107 Fox Jane A.Hines.Cry Clerk <br /> MEMORANDUM <br /> TO: The Honorable City Commission <br /> FROM: Mayor Norman S. Edelcup11�ah{lll�n <br /> DATE: November 17, 2005 <br /> RE: Investment Policy <br /> Recommendation: <br /> The attached Resolution is presented to you for your consideration and approval. <br /> Reasons: <br /> The City does not currently have an Investment Policy at this time. In order for the City to invest <br /> surplus funds in certain type of securities, the City must adopt an investment policy by resolution <br /> in accordance with state law. <br /> By adopting the attached Investment Policy, the City will be able to optimize returns on its <br /> investments. Simply put, the City will be able to accumulate additional revenue through its <br /> investments. However, it is important to note that the fund will be passively invested to ensure <br /> safety of capital and liquidity of funds. As indicated in the attached Policy, surplus funds will <br /> generally be invested in government securities. The Finance Director and qualified money <br /> managers will be responsible for investing the surplus funds. <br /> Thank you for your consideration of this Resolution. <br /> NSEJjb <br /> Attachment <br /> Commission Agenda Item 0 P <br /> Recommending Investment Policy <br /> Date 1 — — o3 <br />