Summary
To: Town Commission
From: Stefan Massol, Director of Support Services
Date: 6/5/2018
______________________________________________________________________
Subject:
Title
Addition of Florida SAFE as a Local Government Investment Pool.
Summary:
The town may select to participate in additional LGIPs (Local Government Investment Pools) which meet the liquidity requirements of a typical money market fund. Staff is proposing the addition of Florida SAFE for this purpose.
End
Body
Previous Commission Action: Recently the Town Commission amended the town Investment Policy by adding other 2a7-like investments (money market funds) as an authorized investment type.
Background/Problem Discussion: The Town of Belleair is currently a member of one LGIP, the Florida Prime fund through the Florida SBA. There are additional funds in which the town may participate, including Florida SAFE. Having reviewed multiple funds available in terms of security and resources staff finds Florida SAFE to be a worthwhile addition.
Financial Implications: By adding diversity to the short-term investment options there will be less exposure should one fund encounter financial difficulties.
Recommendation: Authorizing town staff to enter into an interlocal agreement with Florida SAFE as described in the attachments.
Proposed Motion: I move for the Town of Belleair to enter into an interlocal agreement with Florida SAFE as described in the enclosed documents.