Chicago Housing Authority header
File #: 24-185   
Type: Resolution Status: Agenda Ready
File created: 8/9/2024 In control: Finance & Audit Committee
On agenda: 9/12/2024 Final action:
Enactment date: Enactment #:
Effective date:    
Title: Approval of amended and restated Investment and Cash Management Policy.
Attachments: 1. Resolution-Investment Cash Management Sept 2024.pdf
Date Action ByActionResultAction DetailsMeeting DetailsVideo
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title

Approval of amended and restated Investment and Cash Management Policy.

presenter

Presenter: Michael Moran, Chief Financial Officer

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Recommendation

The Chief Executive Officer (“CEO”) of the Chicago Housing Authority (“CHA”) recommends that the Board of Commissioners (“Board”) approve the attached Investment & Cash Management Policy which was last updated in July 2023.

 

The requested action complies in all material respects with all applicable federal, state, and local laws, and CHA policies. CHA staff has completed all necessary due diligence to support the submission of this initiative. Policy changes go into effect upon Board approval.

 

Background

As part of a comprehensive policy review process, CHA has reviewed and updated previous Board approved policies to comply with current laws, regulations and practices. This policy updates, combines and supersedes CHA’s current Investment and Cash Management (renamed in 2023) Policy, which was originally adopted in 1997, and revised and approved in 2000, 2004, 2008, 2010, 2014, 2017, 2022 and 2023.

 

Key revisions include:

                     Add CFO and CEO authorization for the sale of securities as part of the 2023 annual internal audit recommendations

                     Add Investment Committee and Chair of the BOC Audit and Finance Committee authorization for line of credit prior to draws.

                     Change maximum duration limit for CHA Core and CHA LLC Portfolios from 18 months to 24 months and maximum maturity for government securities from 10 years to 5 years to ensure consistency and best practice

                     Add two-level review and approval for Annual Cash Flow Forecast

                     Add capital structure and planning to the General Provisions of debt management section

 

 

 

Respectfully Submitted:

 

 

______________________

Tracey Scott

Chief Executive Officer