SUBJECT:
title
Approval of a resolution adopting revisions to the CapMetro Investment Policy.
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FISCAL IMPACT:
This action has no fiscal impact.
STRATEGIC PLAN:
Strategic Goal Alignment:
☐ 1. Customer ☐ 2. Community
☐ 3. Workforce ☒ 4. Organizational Effectiveness
Strategic Objectives:
☐ 1.1 Safe & Reliable Service ☐1.2 High Quality Customer Experience ☐ 1.3 Accessible System
☐ 2.1 Support Sustainable Regional Growth ☐ 2.2 Become a Carbon Neutral Agency
☐ 2.3 Responsive to Community and Customer Needs ☐ 2.4 Regional Leader in Transit Planning
☐ 3.1 Diversity of Staff ☐ 3.2 Employer of Choice ☐ 3.3 Expand Highly Skilled Workforce
☒ 4.1 Fiscally Responsible and Transparent ☐ 4.2 Culture of Safety ☐ 4.3 State of Good Repair
EXPLANATION OF STRATEGIC ALIGNMENT: Annual review and approval of this policy is required to comply with the Texas Public Funds Investment Act. The policy was last reviewed in 2022.
BUSINESS CASE: CapMetro is required to invest funds in accordance with the Public Funds Investment Act. The governing body (the CapMetro Board) of an investing entity (CapMetro) is required to review its investment policy and investment strategies no less than annually. Per the Public Funds Investment Act, the CapMetro Board shall adopt a written instrument stating that it has reviewed the investment policy and investment strategies and that the written instrument so adopted shall record any changes made to either the investment policy or investment strategies.
COMMITTEE RECOMMENDATION: This item was presented and recommended for approval by the Finance, Audit and Administration Committee on October 11, 2023.
EXECUTIVE SUMMARY: The proposed policy was reviewed by PFM Asset Management LLC, under contract as CapMetro’s investment advisory firm. Attached is an updated policy along with a red line copy of the changes to CapMetro’s Investment Policy, which complies with the Act. The changes are mostly minor in nature and seek to ensure compliance with law and provide clarity about the intent of the policy.
DBE/SBE PARTICIPATION: Does not apply.
PROCUREMENT: Does not apply.
RESPONSIBLE DEPARTMENT: Finance
body
RESOLUTION
OF THE
CAPITAL METROPOLITAN TRANSPORTATION AUTHORITY
BOARD OF DIRECTORS
STATE OF TEXAS
COUNTY OF TRAVIS
AI-2023-814
WHEREAS, CapMetro is required to invest funds in accordance with the Texas Public Funds Investment Act; and
WHEREAS, the Texas Public Funds Investment Act requires an annual review of the investment policy and investment strategies and such review has been performed.
NOW, THEREFORE, BE IT RESOLVED by the Capital Metropolitan Transportation Authority Board of Directors that the attached Investment Policy, which includes Capital Metro’s investment strategies, has been reviewed and the recommended changes to the policy are adopted.
____________________ Date: ____________________
Secretary of the Board
Becki Ross