Council Report: C 89/2020
Subject: 2019 Annual Investment Compliance Report - City Wide
Reference:
- Date to Council: May 25, 2020
- Author: Janice Guthrie
- Deputy Treasurer, Taxation & Financial Projects
- (519) 255-6100 Ext 6271
- jguthrie@citywindsor.ca
- Taxation & Financial Projects
- Report Date: May 5, 2020
- Clerk’s File #: AF/11247
Mayor and Members of City Council To:
Recommendation:
THAT the 2019 Annual Investment Compliance Report for the year ending December 31, 2019 BE RECEIVED for information.
Executive Summary:
Background: Portfolio Philosophy
As permitted by legislation, the City uses a number of operating, capital, reserve, trust and sinking accounts and/or funds for the funding of various programs and services as may be required. Due to the timing of when funds are received as compared to when funds are required to be expended, there are cash balances which can are defined at times as “excess cashflow” available. These available cash balances can be invested in accordance with the Section 418 of the Ontario Municipal Act, 2001 (the Act) and Ontario Regulation 438/97, as amended, to generate additional revenue through investment income.
Further to the guidance as provided by the Act, an approved and more robust Investment Policy has been developed which outlines the City’s investment objectives and goals. This Investment Policy provides further guidance to Administration with regards to the selection and placement and management of funds.
The four primary objectives of the investment policy, in priority order, are summarized as follows: