02-8-10 - Handout - Investment Policy Ad Hoc Committee Investment Policy Ad Hoc Committee
February 8,2010
An Investment Policy Ad Hoc Committee(Committee)is hereby created for the sole purpose of
reviewing the existing City of Atlantic Beach investment policy and making recommendations for
improvements to that policy. This Committee is created with the following terms and conditions;
Purpose. The purpose of the Committee is to make recommendations for improvements to the City of
Atlantic investment policy. This will consist of a general review of the entire policy and making specific
suggestions for improvement. This Committee is specifically tasked with creating guidelines for portfolio
composition and diversification. However,any other suggestions or recommendations for improving the
policy will also be considered by the City Commission. Municipal investments in Florida are regulated
by Florida Statute 218.415 and all recommendations submitted by this Committee should,at a minimum,
meet the requirements of that Florida Statute.
Membership. This Committee shall be composed of three members who shall be citizens of Atlantic
Beach and chosen for their expertise in financial matters,investing and,if possible, specific expertise in
investment of public funds. The members will be appointed by the Mayor.The City's Finance Director
shall serve as the liaison to this Committee and provide technical and administrative support.
Report. The findings and recommendations from this Committee are to be submitted to the Mayor and
Commission in the form of a written report which shall include specific language for an amending
Iresolution to adopt the changes recommended in the City's investment policy. It is requested that all
committee members sign the completed report.
Sunset Provision. This is an Ad Hoc Committee created for the one-time purpose of reviewing the City's
investment policy and making recommendations to change that policy. This Committee will cease to
exist upon acceptance of the report by the Mayor and Commission. A final report is requested for
I presentation to at the tegulm nF
Commission at the next scheduled meeting eeb ua;2-2,2_010 after it's
completion.
Mike Borno
Mayor