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...
Click here for full text