HomeMy WebLinkAbout(0040) M&C 20-0685City of Fort Worth, Texas
Mayor and Council Communication
DATE: 09/22/20 M&C FILE NUMBER: M&C 20-0685
LOG NAME: 13FORT WORTH PERMANENT FUND INVESTMENT POLICY AND STRATEGY
SUBJECT
(ALL) Readopt the Investment Policy and Strategy for the Fort Worth Permanent Fund
RECOMMENDATION:
It is recommended that the City Council readopt the attached Investment Policy and Strategy for the Fort Worth Permanent Fund.
DISCUSSION:
The purpose of this Mayor and Council Communication (M&C) is to readopt the Investment Policy and Strategy (IPS) for the Fort Worth Permanent
Fund (the City's Mineral Trust) in accordance with City Policy and the requirements of relevant State Law. State law requires the City Council to
review and adopt the Fort Worth Permanent Fund IPS at least annually.
This IPS document sets specific investment and strategy guidelines for funds placed in the Fort Worth Permanent Fund and establishes controls to
ensure effective and judicious fiscal and investment management. The guidelines are intended to be broad enough to allow active investment
within the policy parameters, yet specific enough to adequately safeguard the assets.
The City's Investment Committee reviewed the Fort Worth Permanent Fund IPS and did not recommend any changes. In addition, there were no
relevant legislative updates this year to consider. Therefore, staff recommends for the City Council to re -adopt the current policy.
A Form 1295 is not required because: This M&C does not request approval of a contract with a business entity.
FISCAL INFORMATION / CERTIFICATION:
The Director of Finance certifies that approval of this recommendation will have no material effect on City funds.
Submitted for City Manager's Office by. Jay Chapa 5804
Originating Business Unit Head: Reginald Zeno 8517
Additional Information Contact: John Samford 2318