The City Council is asked to review and approve Resolution No 2023-02, which would update the City’s Investment Policy.

The investment policy for the City of New Port Richey had not been reviewed by an outside consultant since 2002.  The Investment Policy for the City was originally adopted in April 1997 and last revised in February 2002. Over the last 20 years, industry norms have changed and, thus, our policies need to reflect these changes.

Consultants and city management used the following considerations during the policy review:

• Section 218.415, Florida Statutes, regarding investments

• Investment policies of other municipalities and counties that recently went through an update.

• Past investments by the City were also evaluated to eliminate some of those listed in the previous revision, which had not been recently used by the City or by other similar governmental entities.