To protect and manage City assets while providing a market rate of return; maintain banking relationships; administer the collection and receipt of City revenues; and execute the placement of bond proceeds.
In accordance with California Government Code, Sections 53600 through 53609, the City of El Monte maintains a Statement of Investment Policy. This Investment Policy is reviewed on an annual basis and approved by City Council at the beginning of each fiscal year. The Investment Policy contains critical elements and guidelines on investing public funds, such as authorized and suitable investments, liquidity, authorized financial institutions and dealers, safekeeping and custody, diversification, internal controls and performance standards, and ethical and fiduciary responsibilities.
In accordance with Government Code Section 8855(i), effective on January 1, 2017 the Debt Policy has been developed to provide guidance in the issuance and management of debt by the City of El Monte or its related entities. The main objectives are to establish conditions for the use of debt; to ensure that debt capacity and affordability are adequately considered; to minimize the City’s interest and issuance costs; to maintain the highest possible credit rating; to provide complete financial disclosure and reporting; and to maintain financial flexibility for the City.