Government Code 2256.001 (The Public Funds Ivestment Act) requires that a municipality adopt a written investment policy by ordinance or resolution. The policy must be reviewed annually. The policy establishes guidelines for investing town funds, designates and investment officer and provides reporting standards and requirements. The policy also also authorizes the creation of an investment committee responsible for making recommendations and decisions regarding the town's investments. The committee shall prepare and submit a written report of investment transactions for all funds to the Town Council. This report should be submitted no less than quarterly.
The Investment Committee meets on a quarterly basis and consists of the Mayor, Mayor Pro-Tem, Two Councilmembers and the Town Administrator.