M&C Review


COUNCIL ACTION:  Approved on 9/11/2018 

DATE: 9/11/2018 REFERENCE NO.: **G-19359 LOG NAME: 13FORT WORTH PERMANENT FUND INVESTMENT POLICY AND STRATEGY2018
CODE: G TYPE: CONSENT PUBLIC HEARING: NO
SUBJECT:   Re-Adopt Fort Worth Permanent Fund Investment Policy and Strategy for the City's Mineral Trust (ALL COUNCIL DISTRICTS)

RECOMMENDATION:

It is recommended that the City Council re-adopt the Fort Worth Permanent Fund Investment Policy and Strategy for the City's Mineral Trust.

 
DISCUSSION:

The purpose of this Mayor and Council Communication (M&C) is to re-adopt the Fort Worth Permanent Fund Investment Policy and Strategy in accordance with the requirements of the Public Funds Investment Act (PFIA), Government Code 2256.  Pursuant to the Texas PFIA, the City Council is required to take formal action annually stating that the City's investment policy and investment strategy have been reviewed and approved and any changes to those documents have been recorded.

The Permanent Fund consists of money generated from mineral revenues that the City Council has directed be set aside and held in trust for the long-term benefit of the City and its residents.  The Permanent Fund Investment Policy and Strategy was initially adopted in 2013 and has been reviewed and readopted multiple times since then (M&C's G-17857, G-18244, G-18466, and G-18552).  Last year the Permanent Fund Investment Policy and Strategy was amended to revise authorized investments, diversification and asset allocation.  Those changes were approved with the adoption of M&C G-19117 on September 26, 2017.

The policy and strategy has been reviewed by the Investment Committee, and there are no proposed changes to the Fort Worth Permanent Fund Investment Policy and Strategy.  The policy and strategy was recommended for approval by the Audit Committee on June 12, 2018.

This M&C does not request approval of a contract with a business entity.

 
FISCAL INFORMATION/CERTIFICATION:

The Director of Finance certifies that the Fort Worth Permanent Fund Investment Policy and Strategy provides the foundation for solid fiscal management.  The policy provides guidance on appropriate investment practices ensuring financial success for the Fort Worth Permanent Fund.

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FROM
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Submitted for City Manager's Office by:
Susan Alanis (8180)
Originating Department Head:
Aaron Bovos (8517)
Additional Information Contact:
John Samford (2318)

 
 
ATTACHMENTS
  Permanent Fund IPS Aug 2018.pdf