Title
MOTION TO PASS PROPOSED ORDINANCE NO. 2026-12 ON FIRST READING.
PROPOSED ORDINANCE NO. 2026-12 IS AN ORDINANCE OF THE CITY OF PEMBROKE PINES, FLORIDA; AMENDING CHAPTER 33 OF THE CODE OF ORDINANCES OF THE CITY OF PEMBROKE PINES BY AMENDING SECTION 33.62 "INVESTMENT POLICY"; SPECIFICALLY ADOPTING A REVISED INVESTMENT POLICY INCORPORATED INTO SECTION 33.62 AS DETAILED IN EXHIBIT “A”, ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE; PROVIDING FOR CODIFICATION; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE.
SECOND AND FINAL READING IS TENTATIVELY SCHEDULED FOR NOVEMBER 18, 2026.
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. The City Commission from time to time reviews and updates the City’s Investment Policy to ensure public funds are invested in a profitable and productive manner and to further ensure compliance with applicable laws and regulations while prioritizing the safety of principal, liquidity, and investment returns.
2. Currently, the City's operating funds are primarily invested in fixed income securities. The City desires to amend the City’s Investment Policy to more clearly delineate separate strategies for the City’s Primary Investment Portfolio and Long-Term Investment Portfolio (LTIP).
3. The primary Investment Portfolio will continue to prioritize the preservation of principal and liquidity necessary to meet the City’s operating and other short-term financial obligations.
4. The LTIP is intended for funds that are not anticipated to be needed for immediate operational requirements. The strategy is designed to better align a portion of the City's investment assets with longer-term City liabilities, and to seek investment returns that keep pace with or exceed inflation over market cycles.
5. The proposed amendment also update references to the State Board of Administration's Local Government Investment Pool to reflect its current designation as Florida PRIME, revise authorized investments and portfolio composition limits, and incorporate additional administrative and formatting updates.
6. Recommend the City Commission to pass proposed Ordinance No. 2026-12 on First Reading.
Financial Impact
FINANCIAL IMPACT DETAIL:
a) Initial Cost: None.
b) Amount budgeted for this item in Account No: Not Applicable
c) Source of funding for difference, if not fully budgeted: Not Applicable
d) 5 year projection of the operational cost of the project Not Applicable
e) Detail of additional staff requirements: Not Applicable
FEASIBILITY REVIEW:
A feasibility review is required for the award, renewal and/or expiration of all function sourcing contracts. This analysis is to determine the financial effectiveness of function sourcing services.
a) Was a Feasibility Review/Cost Analysis of Out-Sourcing vs. In-House Labor Conducted for this service? Not Applicable
b) If Yes, what is the total cost or total savings of utilizing Out-Sourcing vs. In-House Labor for this service? Not Applicable
Business Impact Estimate for Proposed Ordinances
BUSINESS IMPACT ESTIMATE:
Pursuant to Section 166.041, F.S., a Business Impact Estimate must be prepared for certain ordinances that impact the operations of local businesses.
a) Is a Business Impact Estimate (BIE) Form attached to this Ordinance? Yes
b) Is this Ordinance exempt from requiring an Business Impact Estimate (BIE)? No