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.