City’s New Investment Approach Applauded
The city’s conservative investment policy, crafted in response to the Orange County bankruptcy, recently received a certificate of excellence award from the Municipal Treasurers Assn. of the United States and Canada.
Fewer than 120 government entities have received the certification, according to Anaheim City Treasurer Charlene Jung.
The new policy, which was unanimously approved by the City Council in December, emphasizes safety of principal, liquidity and diversification.
The least important objective of the portfolio, under the policy guidelines, is return on investment.
“This honor is a strong indication that we have charted an appropriate course for Anaheim’s financial and investment policy decisions,” Jung said.
Formulating the policy with Jung was the Investment Advisory Commission, a citizen panel whose members serve on a voluntary basis. The council authorized the group’s formation in June of last year and appointed the commissioners in September.
Led by Chairman Patrick Powers, the panel is designed to provide an additional layer of oversight on Anaheim’s financial matters.
“The commission does a great job,” Jung said.
“It’s another good resource. It’s always good to have other opinions.”
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