THE CORPORATION OF THE CITY OF PORT COQUITLAM Sut ad hid | ¥
MEMO JAN 29

TO: J. Maitland, DATE: January 16, 1990
City Treasurer.

FROM: B. Wiseman,
Deputy/Treasurer Finance.

SUBJECT: Municipal Finance Authority of British Columbia
Pooled Investment Funds

RECOMMENDATION:

That the Mayor and Clerk be authorized to make application for enrollment in the "Pooled
Investment Funds as established by the Municipal Finance Authority of British Columbia
under Section 13.1 of the Municipal Finance Authority Act."

AND,

That the Treasurer, Deputy Treasurer/Finance, and the Deputy Treasurer/Collector be
designated as authorized signatories on behalf of the City, within the "Pooled Investment

Fund."

BACKGROUND & COMMENTS:

The Municipal Finance Authority of British Columbia (MFA) provides an investment
service to member municipalities.

We have reviewed the services provided by this investment pool and have determined that
it would be beneficial for the City of Port Coquitlam to be a member.

The primary benefit of this service is the flexibility to invest a greater portion of the City’s
Short term cash. The fund allows rapid investing and redemption of funds so less funds
are required in the City’s bank account on a daily basis. While in the fund the cash will
eam a greater retum than is possible with our current operating account and a comparable
retum to other investments of the City in the 30 day area. Investments of greater than 30
days will continue to be made independently by the Treasury Department to spread the
investment portfolio and ensure the greatest possible retum is earned on an annual basis.

A second benefit of the service is the ability to invest smaller amounts such as
$100,000.00, which are not practical to otherwise invest in the money markets where the
majority of the City’s funds are placed in blocks of $500,000.00 or more.

- a at Je
B. Wiseman

BW/ms

Administration Committee recommends:
that Council pass the above resolution which will enabie the

City to join the Municipal Finance Authority Investment Pool.

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