Memorandum 11-035 Investment Policies of the Permanent Fund

Office of the City Clerk 491 E. Pioneer Avenue
Homer, Alaska 99603
(907) 235-3130
Jo Johnson, CMC, City Clerk (907) 235-8121
Melissa Jacobsen, CMC, Deputy City Clerk II ext: 2224, 2226, or 2227
Renee Krause, CMC, Deputy City Clerk I Fax: (907) 235-3143
Email: clerk@ci.homer.ak.us

M E M O R A N D U M 11-035

TO: MAYOR AND CITY COUNCIL

FROM: PERMANENT FUND COMMITTEE

DATE: MARCH 4, 2011

SUBJECT: INVESTMENT POLICIES OF THE PERMANENT FUND

Pursuant to HCC 3.10.130(b)(2) the City Council shall review the investment policies of the Permanent Fund at least once a year during the first quarter and shall, by formal resolution, re-adopt or modify said policies.

On March 1, 2011 the Permanent Fund Committee met and reviewed the investment policies contained in HCC 3.12. By unanimous consent the committee voted to recommend to Council that the fund remain as it is currently established and invested. Having established the investment criteria for the Permanent Fund within the last six months, more insight as to how the fund is working will be available by the end of the year.

RECOMMENDATION:

Adopt the resolution in support of re-adopting the established investment policies of the Permanent Fund.

Fiscal Note: N/A