File #: RES 25-0041    Version: 1
Type: Resolution Status: Passed
File created: 9/5/2025 In control: City Council
On agenda: 9/16/2025 Final action: 9/16/2025
Title: #25-41 - Adopting Revisions to the Permanent Fund Investment Policy Statement and Rescinding Resolution #22-50
Attachments: 1. RES 25-41 - PF Investment Policy, 2. #25-41 - Attachment A, 3. Valdez Charter Section 6.7 Permanent Fund

ITEM TITLE: 

#25-41 - Adopting Revisions to the Permanent Fund Investment Policy Statement and Rescinding Resolution #22-50

 

SUBMITTED BY: Jordan Nelson, Finance Director

 

FISCAL NOTES: 

Expenditure Required: n/a

Unencumbered Balance: n/a

Funding Source: n/a

 

RECOMMENDATION:

Approve Resolution 25-41.

SUMMARY STATEMENT:

Valdez Municipal Code and Charter articulate guidelines for annual review and adoption of Permanent Fund investment policy statement (IPS).

  • VMC 3.04.051(B)(2): The city council shall review the investment policies of the permanent fund at least once each year during the first quarter and shall, by formal resolution, re-adopt or modify said policies
  • Charter Section 6.7(d): Investment policy shall be formulated by the city council. In formulating investment policy, the council shall consider maximum income and appreciation, consistent with prudent levels of risk and diversification, governed by the prudent investor rule. If an allocation in section 6.7(c) is exceeded, corrective action shall be taken in a reasonable time in accordance with the policy adopted by the city council or its designee
  • The City of Valdez Permanent Fund Committee recommended staff update the figures in the Executive Summary on an annual basis following the Permanent Fund Annual Meeting, regardless of whether additional changes are contemplated in order to align with established City Code and Charter.
  • The current IPS (Attachment A) contains a revision to page 3 updating figures in Executive Summary