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HomeMy WebLinkAbout01-20-1993 City Council Agenda packetMEETING DATE: January 20, 1993 ORIGINATING DEPT: Finance Department SUBJECT: Annual Review of Investment Policy Recommended Action: Review and accept the Investment Policy submitted herewith. Report Summary: The Finance Advisory Committee met on January 11, 1993 to perform its annual review of the City's Investment Policy. No changes were recommended to the current policy. None. Fiscal Impact: Attachment: Investment Policy. Motion and Vote: SARATOGA CITY COUNCIL AGENDA ITEM 7-'2- L 1 -73 CITY OF SARATOGA Amended 1/20/93 I. INVESTMENT OBJECTIVES INVESTMENT POLICY The basic intent and purpose of this policy statement is to describe the primary objectives and means by which the City handles various investment instruments for City funds. The investment of the funds of the City of Saratoga is directed to the goals of safety, liquidity and high yield. The primary objective of the City's investment policy is safety. Our investments are placed in a variety of investment instruments and the balance between the various instruments may change from time -to -time in order to give the City the best combination of high yield, liquidity, safety and local investment. As a matter of policy, one of the secondary goals of this agency's investment program is related to local economic development by the placing of funds in local banks whenever possible (and in the best interests of the City of Saratoga). The City's investment program in local banks and savings and loans is accomplished to the extent that it does not sacrifice other goals of our investment policy, namely, safety, liquidity and high yield. These investments shall not exceed insurance requirements or collateralized securities within any institutions where the City places such investments. II. VARIED INVESTMENT PROGRAM Investments may be made in the following media: Securities of the U. S. Government, or its agencies Small Business Administration Loans Certificates of Deposit (or Time Deposits) placed with commercial banks and /or savings and loan companies Negotiable Certificates of Deposits Local Agency Investment Fund (State Pool) Demand Deposits Passbook Savings Account Demand Deposits Qualified Government Securities Mutual Funds (2/6/91), (2/19/92) CITY OF SARATOGA INVESTMENT POLICY Amended 1/20/93 Page Two III. SARATOGA INVESTMENT PROGRAM A. Deposit of Active Funds Money must be deposited in state or national banks or state or federal savings and loan associations or credit unions. Deposits cannot exceed the amount of the institution's paid up capital and surplus. Institutions must secure deposits either with insurance equal to 100% of the deposit or with eligible securities having a market value of 110% of the total amount of deposit. It is the policy of the City to keep active deposits to the minimum necessary to meet the City's near term cash flow requirements. (1/20/88) B. Investment of Inactive Funds Saratoga operates its pooled inactive cash investments under the Prudent Man Rule. This affords a broad spectrum of investment opportunities so long as the investment is deemed prudent and is permissible under currently effective legislation of the State of California and other imposed legal restrictions. It is required that each financial institution in which inactive funds are invested submit current financial statements to be evaluated by the Treasurer and Finance Director. No funds shall be invested in any institution which has not shown a net profit in each of the three preceding years of operation. In addition, investments in Savings and Loans and Credit Unions shall be limited to institutions which have an asset -to- equity ratio of at least 3 The City will verify an Institution's acceptability by validation through an industry- accepted independent rating service. (1/20/88), (2/19/92) Investment in qualified government securities mutual funds shall not exceed $1,000,000. No more than 20% of the City's invested funds shall be placed with the same financial institution. Investment in the Local Agency Investment Fund shall be limited to $10,000,000. (2/6/91) 1. Investment of Operating Reserve It is the policy of Saratoga to retain a general operating reserve of at least six months based on the current operating budget adopted by the City Council. In order to implement this policy, the amount of active deposits and inactive investments with a maturity of one year or less shall always be equal to or greater than the required general operating reserve. The monthly investment report of the Treasurer shall demonstrate this policy is in effect. (1/20/88) CITY OF SARATOGA INVESTMENT POLICY Amended 1/20/93 Page Three 2. Invest ent of Reserve for Housing Assistance It is the policy of Saratoga to retain a $1,000,000 reserve to implement its Housing Assistance Policy for Department Directors. Any portion of the reserve which is uncommitted to loans may be invested in active deposits or inactive investments with a maturity of one year or less. (1/17/90) 3. Investment of Funds in Excess of the Operating Reserve Inactive Funds which exceed the minimum required reserve may be invested for a term not to exceed five years. (1/20/88) C. Relationship with. Investment Brokers For the sake of efficiency the City may wish to purchase Certificates of Deposit and /or other investments through a third- party intermediary. The selection of Broker Dealers will be made by the City Treasurer upon a review of an RFI (Request for Information) submitted by prospective broker dealers. The City will establish a list of qualified broker- dealers based on successful responses to the RFI and verifications of references. (1/18/89) The request for information will be updated annually in January. (1/17/90) I STATEMENT OF RESPONSIBILITY The City Treasurer shall submit for City Council review and acceptance a monthly report on the status of all invested funds. The report shall be signed by the City Treasurer and shall certify that all investments made are in accordance with the current adopted Investment Policy. The Investment Policy may be changed only with approval of the City Council and shall be reviewed by the City Council not less frequently than once a year as required by Section 53646 of the Government Code. (1/15/86) Amended: January 15, 1986, September 13, 1986 January 21, 1987 January 20, 1988 January 18, 1989 January 17, 1990 February 6, 1991 February 19, 1992 January 20, 1993 .CITY OF SARATOGA INVESTMENT POLICY Amended 1/20/93 Page Four I certify that the above policy was duly adopted and amended as shown above by the City Council on the dates shown. Harry R. Peacock, City Clerk 7m O: \FIN \invest.pol Date SARATOGA CITY COUNCIL EXECUTIVE SUMMARY NO. 27 AGENDA ITEM NO. _5 ,6, MEETING DATE: JANUARY 20, 1993 CITY MGR. APPROVAL ORIGINATING DEP'T.: ENGINEERING SUBJECT: Recommendations from Public Safety Commission on various traffic matters. RECOMMENDED ACTION: 1. Approve the recommendations concerning the Paseo Presada driveway at 18805 Cox Avenue. 2. Approve the recommendation concerning the Argonaut Shopping Center main driveway on Saratoga- Sunnyvale Road. DISCUSSION: Last week, the Public Safety Commission considered two traffic matters recently referred to them by the City Council. The first item pertained to the rear driveway onto Paseo Presada from the office building at 18805 Cox Ave. and the second item pertained to the main entrance at the Argonaut Shopping Center. Paseo Presada driveway The Commission received some neighborhood input on the problems associated with the use of the driveway. The Commission's recommendations concerning the matter are contained in the draft minutes from their meeting which are attached to this report. Among the four recommendations, recommendation no. 2 includes removal of the concrete median on Paseo Presada which is supposed to prohibit left turns out of the property onto Paseo Presada. I agree with and support all of the recommendations made by the Commission on this matter and unless the Council decides otherwise, I will prepare a work order for the Maintenance Department to remove the concrete median. Argonaut Shopping Center main entrance The Commission considered whether left turns should be prohibited out of the shopping center onto southbound Saratoga Sunnyvale Rd. After considerable discussion, the Commission voted 6 -1 to recommend to the Council that the left turn movement not be prohibited. Again, I agree with and support the recommendation of the Commission and unless the Council decides otherwise, I shall consider this matter to be closed. Copies of both of my staff reports to the Commission on these items are attached. FISCAL IMPACTS-: Approximately $1,000 in Maintenance Dep't. personnel and equipment costs to remove the concrete median on Paseo Presada. ATTACHMENTS: 1. Draft minutes from Public Safety Commission meeting. MOTION AND VOTE: A. Traffic Circulation Cox Ave /Paseo Presada Kathy McGoldrick, 12860 Paseo Presada, was present and spoke about the issue, which is essentially the amount of traffic in the neighborhood. Residents are concerned about cars coming down Cox and using neighborhood streets to get to Quito Road. City Engineer Larry Perlin stated that there is a traffic signal proposed for installation at Cox and Quito in the Capital Improvement Plan. His intention is that installation of the signal will coincide with the opening of the freeway. It is his belief that the east /west traffic will increase, and it is necessary for the City to try to funnel it appropriately. Followings discussion of the merits of blocking off the driveway onto Paseo Presada, or removing the median and allowing left turns, the Commission unanimously passed the following motion: The Public Safety Commission recommends that the City: 1) Expedite installation of a traffic signal at Quito /Cox /Baylor to be in place by the opening of the freeway; 2) Maintain two entrance /exits from the property in question and remove the median barrier on Paseo Presada and leave the signage which prohibits a left turn; 3) Develop a plan for adding approximately 20 parking spaces on the El Quito Park property. 4) Direct Sheriff to increase enforcement of the four way stop at Cox /Paseo Presada. Perlin suggested that after the freeway is opened the traffic patterns should be studied to see if any changes were needed. He stated that he wanted to do traffic counts in a number of areas prior to the opening of the freeway so there would be data for comparison purposes. He asked that the Commission give some thought about possible locations for traffic counts. B. Argonaut Shopping Center Exit on Saratoga /Sunnyvale Rd. Perlin reviewed his report and stated that he had several concerns about eliminating a left turn from the entrance /exit on Saratoga/ Sunnyvale Road. Commissioner Gaskell said that the opening of the freeway will change things all along the road. Following further discussion, the Commission passed a motion 6 -1 (Crane opposed) to accept the staff recommendation to leave the exit as is. OTHER MATTERS A. Discussion of CDBG Project Proposals Printed on recycled paper. oaufw (Do 13777 FRUITVALE AVENUE SARATOGA, CALIFORNIA 95070 (408) 867 -3438 MEMO TO: Public Safety Commission FROM: Larry I. Perlin, City Engineer SUBJECT: Traffic Circulation at Cox Avenue and (18805 Cox Avenue) COUNCIL MEMBERS: Karen Anderson. Ann Marie Burger Willem Kohler DATE: January 5 1`35'�' Karen Tucker Paseo Presada Recommended Receive any public testimony and discuss alternatives to respond to any legitimate neighborhood concerns. Discussion: At the December 2 City Council meeting, the Council approved a zoning change for the professional office building- at 18805 Cox. Avenue. During the public hearing on the matter, several residents of the adjacent neighborhood discussed apparent problems with traffic exiting_ the property (which has a second similar professional office building located on it) from the rear driveway on to Paseo Presada and attempting to turn left (north) towards Bucknall Rd. •Apparently this traffic is attempting to get to Quito Rd. through the signalized intersection at Bucknall Rd. rather than. through the_unsignalized intersection at Cox Ave. The problem is that the left turn .movement out of the, rear driveway is not a permitted movement and in' fact a small median was constructed in the _center .of Paseo Presada across the driveway to prevent vehicles from turning left towards Bucknall Rd. According to the neighbors however, numerous vehicles make left turn anyway either by turning inside of the median or by simply running over it sometimes causing damage to signage in the median. There would appear to be two obvious solutions to solve this problem. The first would be. to remove the driveway and replace it with standard curb and gutter. This would force all traffic. to exit the property from the front driveway at Cox Ave. Nothing however would prevent any of this traffic from turning left out of the driveway towards Paseo Presada and then left again at Paseo Presada towards Bucknall Rd. The second option would be to somehow extend and /or enlarge the median on Paseo Presada to make it virtually impossible to turn left out of the rear driveway towards Bucknall Rd. Either of the two options would have to be accomplished at City expense. The reason this matter was referred to you was to have you determine the extent, if any, that a problem really exists before the City expends money attempting to solve. In my discussion with several of the neighbors who spoke at the City Council meeting, I was unable to ascertain whether the problem is simply one of vehicles turning left out of the rear driveway,.. or whether the problem is a larger one involving traffic circulation through a residential neighborhood. If the latter is the case, then the Commission and myself need to get a better understanding of how the neighborhood believes the City should properly address the problem. An example might be to support the installation of a traffic signal at the intersection of Cox Ave. and Quito Rd. to provide an alternative for traffic that would otherwise head towards Bucknall Rd. The neighbors who spoke at the public hearing have been notified of the Commission's consideration of this item as well as the president of the homeowners association representing the adjacent neighborhood. Hopefully at your meeting, there will be an opportunity to engage in some worthwhile discussion with the neighbors about their concerns. Attachments: None. Motion Vote: Printed on recycled paper e OYE7 cD2 'E 13777 FRUITVALE AVENUE SARATOGA, CALIFORNIA 95070 (408) 867 -3438 MEMO TO: Public Safety Commission FROM: Larry I. Perlin, City Engineer SUBJECT: Argonaut Shopping Center Main Entrance COUNCIL MEMBERS: Karen Anderson Ann Marie Burger January 4, 1993 Willem Kohler Victor Monia Karen Tucker Recommended Action: Leave as is. Do not restrict turning movements out of the shopping center. Discussion: At your November meeting, we discussed the situation at the main (Saratoga Sunnyvale Rd.) entrance at the Argonaut Sho in Center and whether left turns should be Pp e e shopping center on to southbound Saratoga Rd. The. City Council asked the Commission to look at this when they were discussing a proposed commercial property standards maintenance ordinance in. October. As I previously indicated to you, I am not in favor of restricting the left turn movement out of the shopping center for two reasons. First is the potential for overloading the traffic signal at Blauer Dr. as a result of forcing all traffic exiting the shopping center and wishing to head south on Saratoga Sunnyvale Rd. to that intersection. Second is the consequence of forcing all of this same traffic to negotiate its way through the parking lot in order to get to the signal at Blaue4 Dr. and the inevitable conflicts that will develop with pedestrians in the parking lot. I have also researched the accident history at the main shopping center driveway and Saratoga Sunnyvale Rd. According to our records there have only been two reported accidents since 1990, one in. July of 1990 and one in September of 1991, involving left turning vehicles out of the shopping center parking instances, the drivers of the vehicles exiti g he shopping lot. In n er were cited for failing to yield to northbound traffic. Most of the other reported accidents at this location involved vehicles turning left into the shopping center from southbound Saratoga Sunnyvale Rd. and colliding with vehicles travelling in the northbound direction. It's possible that there have been additional unreported accidents, however it also appears that the traffic signals at Blauer Dr. and at Pierce Rd. create sufficient gaps in the traffic on Saratoga Sunnyvale Rd. to allow traffic to exit the shopping center safely. Attached to this memo is a diagram illustrating how a traffic island could be configured at the exit from the shopping center to restrict the left turn movement from the shopping center. California Vehicle Code section 21101(f) grants the City the authority to restrict turning movements on to the public street from the private driveway, but the City must first obtain permission from the owner of the shopping center property before it can install the traffic island on the private_property. Whether there is a mechanism by which the City can require the property owner to install the traffic island at his expense I do not know. It's possible that through the conditional use permit process or some other zoning process with which the shopping center must comply, there is a way to require this. If the Commission desires to recommend to the City Council that the left turn movement be restricted, one alternative you may wish to consider would be to restrict the turning movement during certain times of the day or days of the week. For example, you might want to consider restricting the left turn movement only during a.m. and p.m. peak commute times (7:00 9:00 a.m. and 4:00 6:00 p.m.) or only during those times from Monday through Friday. Either of these options would be easier to implement as appropriate signage installed at the shopping center exit is all that would be necessary. However, enforcement of the turning prohibition during certain -times would_ place an additional burden on the Sheriff's deputies. As of this time, there has been no attempt made at notifying members of the public-who might. be impacted by any decision you may reach on this issue because quite frankly, I'm not certain one can determine who that exactly One can easily argue that everyone who. patronizes the Argonaut Shopping Center is likely to be impacted by, any decision you make which would change the status quo. Therefor, if you decide to. recommend to the City Council. that. some form of restriction be placed on the left turn movement, I will recommend that the City Council schedule the matter for a public hearing and that the City Clerk notify the public accordingly. Attachments: 1. Diagram of intersection with traffic island. Motion Vote: SCALE HOR. 1" VERT. 1 APPROVED BY CITY OF SARATOGA STANDARD DRAWING