HomeMy WebLinkAbout10/06/2025 City Council Regular Meeting
October 6, 2025 | 6:00 PM Page 1 of 5 City Council
Minutes
City of Gilroy
City Council
Minutes
Monday, October 6, 2025 | 6:00 PM
1. OPENING
1. Call to Order
The meeting was called to order by Mayor Bozzo at 6:01 PM.
2. Roll Call
Attendance Attendee Name
Present Council Member Dion Bracco
Council Member Tom Cline
Council Member Terence Fugazzi
Council Member Carol Marques
Council Member Kelly Ramirez
Mayor Greg Bozzo
Absent Council Member Zach Hilton
3. City Clerk's Report on Posting the Agenda
City Clerk Kim Mancera reported on the Posting of the Agenda.
4. Pledge of Allegiance
Mayor Bozzo led the Pledge of Allegiance.
5. Invocation
Pastor Jesse Jimenez led the Invocation.
6. Orders of the Day
None.
7. Employee Introductions
None.
2. CEREMONIAL ITEMS - Proclamations and Awards
1. Takko-machi 40th Annual Garlic Festival Proclamation
3. COUNCIL CORRESPONDENCE (Informational Only)
1. Recommendation from the Arts and Culture Commission to Dedicate a
Surplus Funding Percentage for Arts and Culture Efforts
2. Recommendation from the Open Government Commission to Approve the
Proclamation Request and Activities for Open Government Week November
17-21, 2025
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October 6, 2025 | 6:00 PM Page 2 of 5 City Council
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3. Recommendation from the Open Government Commission to Provide a
Presentation: “City Council Translation Services” at the November 17, 2025
City Council Meeting
4. PRESENTATIONS TO THE COUNCIL
1. PUBLIC COMMENT BY MEMBERS OF THE PUBLIC ON ITEMS NOT ON THE
AGENDA BUT WITHIN THE SUBJECT MATTER JURISDICTION OF THE CITY
COUNCIL
Mayor Bozzo opened public comment at 6:01 P.M.
Ron Kirkish - commented on DA Rosen refusing to prosecute drug-related crimes.
Diana Bentz - commented on translation services for the City of Gilroy.
Ann Marie McCauley - commented on the need for live spanish translation services
at the City Council meetings.
Donald George Perino - commented on his wife's arrival to America on October 7th
in New York and thanked Mayor Bozzo and Council Member Cline for being
presidents of the Gilroy Garlic festival.
With no further speakers, Mayor Bozzo closed public comment.
5. REPORTS OF COUNCIL MEMBERS
1. Council Member Bracco – Downtown Committee, Santa Clara County Library
Joint Powers Authority, Santa Clara Water Commission, Santa Clara Valley
Water Joint Water Resources Committee, SCRWA
Council Member Fugazzi – Santa Clara Water Commission (alternate), Silicon
Valley Regional Interoperability Authority Board (alternate), SCRWA, Visit
Gilroy California Welcome Center, VTA Mobility Partnership Committee
Council Member Marques – ABAG, Downtown Committee, Santa Clara County
Library Joint Powers Authority (alternate), Santa Clara Valley Habitat Agency
Governing Board, Santa Clara Valley Habitat Agency Implementation Board,
SCRWA (alternate)
Council Member Hilton – CalTrain Policy Group, Santa Clara County
Expressway Plan 2040 Advisory Board (alternate), Silicon Valley Clean Energy
Authority JPA Board, South County Youth Task Force Policy Team, VTA
Policy Advisory Committee
Council Member Ramirez – ABAG (alternate), Gilroy Gardens Board of
Directors (alternate), Gilroy Sister Cities, Gilroy Youth Task Force (alternate),
SCRWA, Santa Clara Housing and Community Development Advisory
Committee
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October 6, 2025 | 6:00 PM Page 3 of 5 City Council
Minutes
Council Member Cline – CalTrain Policy Group (alternate), Gilroy Sister Cities
(alternate), Gilroy Youth Task Force, Santa Clara County Expressway Plan
2040 Advisory Board, Silicon Valley Clean Energy Authority JPA Board
(alternate), Silicon Valley Regional Interoperability Authority Board, Visit
Gilroy California Welcome Center (alternate), VTA Mobility Partnership
Committee, VTA Policy Advisory Committee (alternate)
Mayor Bozzo – Gilroy Gardens Board of Directors, Santa Clara Valley Water
Joint Water Resources Committee, South County Youth Task Force Policy
Team, VTA Board of Directors (alternate), Santa Clara Housing and
Community Development Advisory Committee (alternate)
Council Member Bracco - Wished everyone a Happy Italian Heritage Month.
Council Member Fugazzi - Reported from Visit Gilroy that they successfully
completed their voluntary financial audit. They attended a press event in San
Francisco. Recent efforts include a new video reel from the Tamale Festival. He
mentioned that Gilroy hotels reported that the Renaissance Fair and the Tamale
Festival have helped to increase overnight stays.
Council Member Marques - Reported on a meeting of the Santa Clara Valley Habitat
Agency (SCVHA) Implementation Board. There was a presentation on the proposed
SCVHA Plan Amendment. The plan highlights include adding 7 new species to be
protected, expanding the plans boundaries and the inclusion of Valley Water. The
final approval will be in January 2026. She mentioned that the Richmond Ranch
property is for sale under the surplus land act. Additionally, 675 acres of the Silver
Creek and Kirby Slope acquisition have been transferred to SCVHA to help preserve
the land.
Council Member Ramirez - Congratulated the Tamale festival for being well
attended. Reminded all the women about Breast Cancer Awareness Month.
Council Member Cline - No report.
Mayor Bozzo - Reported on Valley Transportation Agency (VTA) Board of Directors
meeting. One of the topics was the budget challenges over the next 3-5 years. If you
have interest in transportation in the Bay Area, look out for SB 63. Gilroy Gardens is
into the fall schedule and the Big Boo. It is an excellent opportunity to see Gilroy
Gardens.
6. CONSENT CALENDAR
Mayor Bozzo opened public comment at 6:18 P.M.
Chris Ordaz - commented on item 6.2 regarding the Mills Act.
With no further speakers, Mayor Bozzo closed public comment.
Motion
Approve the consent calendar.
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RESULT: Passed
MOVER: Council Member Dion Bracco
SECONDER: Council Member Tom Cline
AYES: Council Member Dion Bracco, Council Member Tom Cline, Council
Member Terence Fugazzi, Council Member Carol Marques, Council
Member Kelly Ramirez, Mayor Greg Bozzo
NAYS: None
ABSENT: Council Member Zach Hilton
1. Approve the minutes of the August 9, 2025 and September 6, 2025 Coffee with
the Mayor meeting minutes and the September 15, 2025 City Council Regular
Meeting minutes
2. Approval of a Mills Act Agreement for a Historic Property Located at 7357
Monterey Road (MA 25-01)
3. Annual Review and Re-adoption of the City's Investment Policy
4. Approve the First Amendment to the Agreement with William Duff Architects,
Inc., increasing the contract amount by $20,100, for Fire Station Renovations
Design Project
5. Approve the 2026 City Council Meeting Schedule
7. BIDS AND PROPOSALS
1. Award a Contract to 4LEAF, Inc. in the amount of $696,292 for Construction
Management Services
Utilities Director Heath McMahon provided a report and presentation.
Mayor Bozzo opened public comment at 6:29 P.M.
With no speakers, Mayor Bozzo closed public comment.
Motion
Award a contract to 4LEAF, Inc. in the amount of $696,292 for construction
management services for Utility Improvements Project No. 25-RFP-UT-522,
approve a contract contingency of $104,448 (15%) and authorize the City
Administrator to execute the contract and associated documents.
RESULT: Passed
MOVER: Council Member Carol Marques
SECONDER: Council Member Kelly Ramirez
AYES: Council Member Dion Bracco, Council Member Tom Cline, Council
Member Terence Fugazzi, Council Member Carol Marques, Council
Member Kelly Ramirez, Mayor Greg Bozzo
NAYS: None
ABSENT: Council Member Zach Hilton
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8. INTRODUCTION OF NEW BUSINESS
1. Update and Request for Direction on the Las Animas Veterans Park Pickleball
Courts Project
Public Works Director John Doughty provided a report and presentation.
Mayor Bozzo opened public comment at 7:02 P.M.
Matt Belluomini - commented on pickleball courts at Las Animas.
Luis Ramirez - commented on pickleball court designs at Las Animas.
Wendy Filice - commented on pickleball courts and thanked the City Council.
With no further speakers, Mayor Bozzo closed public comment.
Council Direction to Staff – Bidding Process:
1. Solicit base bid for the six-court concept with Asphalt Concrete (AC)and a
6-foot perimeter fence.
2. Include additive alternate bids for the following items:
a. Post-tensioned Concrete (PT Concrete)
b. Windscreens
c. Cabana benches
d. 8-foot fence.
9. CITY ADMINISTRATOR'S REPORTS
No report.
10. CITY ATTORNEY'S REPORTS
No report.
11. ADJOURNMENT
With no additional business before the Council, the meeting was adjourned at 7:22 P.M
I HEREBY CERTIFY that the foregoing minutes were duly and regularly adopted at a regular
meeting of the City Council of the City of Gilroy on XXXXXXX, 20XX.
Kim Mancera
City Clerk
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INVESTMENT POLICY
FOR
CITY OF GILROY
Revised: October 2025
I. STATEMENT OF OBJECTIVES
The purpose of this Investment Policy (“Policy”) is to identify elements that will foster a
prudent and systematic investment program that meet the City of Gilroy’s objectives
through a diversified investment portfolio. This policy also serves to organize and formalize
the City’s investment related activities, while complying with all applicable statutes
governing the investment of public funds.
Temporarily idle or surplus funds of the City of Gilroy shall be invested in accordance with
principles of sound treasury management and in accordance with the provisions of
California Government Code Sections 53600, et seq., the Municipal Code, guidelines
established by the California Municipal Treasurer's Association and the California Society
of Municipal Finance Officers, and this Investment Policy.
A. Overall Risk Profile
The three basic objectives of Gilroy's Investment Program are, in order of priority:
1. Safety of invested funds;
2. Maintenance of sufficient liquidity to meet cash flow needs of the City; and
3. Attainment of the maximum yield possible consistent with the first two objectives.
The achievement of these objectives shall be accomplished in the manner described
below:
1. Safety of Invested Funds
The City shall ensure the safety of its invested idle funds by limiting credit and
interest rate risks. Credit risk is the risk of loss due to the failure of the security
issuer or backer. Interest rate risk is the risk that the market value portfolio
securities will fall due to an increase in general interest rates.
a. Credit risk will be mitigated by:
i. Limiting investments to the safest types of securities as outlined in this
policy;
ii. By prequalifying the financial institutions with which it will do business; and
iii. By diversifying the investment portfolio so that the failure of any one issuer
or backer will not place an undue financial burden on the City.
b. Interest rate risk will be mitigated by:
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i. Maintaining adequate sums in 30 day or less funds.
ii. Structuring the City's portfolio so that securities mature to meet the City's
cash requirements for ongoing operations, thereby avoiding the need to sell
securities on the open market prior to their maturation to meet those specific
needs; and
iii. Investing primarily in shorter term securities (five years or less).
c. The physical security or safekeeping of the City's investments is also an
important element of safety. Detailed safekeeping requirements are defined in
Section III of this Policy.
2. Liquidity
The City’s investment portfolio shall be structured in a manner which strives to
achieve that securities mature at the same time as cash is needed to meet anticipated
demands (static liquidity). Additionally, since all possible cash demands cannot be
anticipated, the portfolio should consist largely of securities with active secondary or
resale markets (dynamic liquidity).
Funds equal to 20% of the total annual expenditure budget less any capital
expenditures for which bond proceeds are available, less internal service fund
charges and less Trust and Agency fund expenditures, as first adopted for each fiscal
year, shall be invested in the California State LAIF or other 30 day or less securities
for call requirements. However, this provision shall not require the sale of any
investment due solely to the adoption of a new budget, or amendment to a budget,
which would have the effect of increasing the dollar amount needed to maintain this
20% requirement in 30 day or less funds. At such time that the 30 day or less funds
falls below 20% of the annual expenditure budget, the City Treasurer, within 30
days, will notify the Investment Committee with a proposed action plan. The City
Council will be subsequently notified of the action taken. The specific percentage
mix of different investment instruments and maturities is described in Section II of
this Policy.
3. Yield
Yield on the City's investment portfolio is of secondary importance compared to the
safety and liquidity objectives described above. Investments are limited to relatively
low risk securities in anticipation of earning a fair return relative to the risk being
assumed. While it may occasionally be necessary or strategically prudent of the City
to sell a security prior to maturity to either meet unanticipated cash needs or to
restructure the portfolio, this Policy specifically prohibits trading securities for the
sole purpose of speculating on the future direction of interest rates.
B. Time Frame for Investment Decisions
The City's investment portfolio shall be structured to provide that sufficient funds from
investments are available every month to meet the City's anticipated cash needs. Subject
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to the safety provisions outlined above, the choice in investment instruments and
maturities shall be based upon an analysis of anticipated cash needs, existing and
anticipated revenues, interest rate trends, and specific market opportunities. No
investment should have a maturity of more than five (5) years from its date of purchase
without receiving City Council approval within the prior 90 days.
C. Pooling of Funds
The City will consolidate cash and reserve balances from all funds to maximize
investment earnings and to increase efficiencies with regard to investment pricing,
safekeeping and administration. Investment income will be allocated to the various funds
based on their respective participation and in accordance with generally accepted
accounting principles.
D. Definition of Idle or Surplus Funds
Idle or surplus funds for the purpose of this Policy are all City funds which are available
for investment at any one time, including the estimated checking account float,
excepting those minimum balances required by the City's banks to compensate them for
the cost of banking services. This Policy also applies to the idle or surplus funds
included in the general fund, special revenue funds, debt service funds, capital projects
funds, enterprise funds, internal service funds, trust/agency funds and of other entities
for which the City of Gilroy personnel provide financial management services.
E. Applicability of Policy
This policy does not apply to:
1. The City's Deferred Compensation Plan, the investments in which are directed by the
participating employees; and
2. Monies held by a trustee or fiscal agent and pledged to the payment or security of
bonds or other indebtedness, or obligations under agreements, of a local agency, or
certificates of participation in such bonds, indebtedness or agreements, the
investment of which may be in accordance with the statutory provisions governing
the issuance of those bonds, indebtedness or agreements, or to the extent not
inconsistent therewith, or if there are no specific statutory provisions, in accordance
with the ordinance, resolution, indenture or agreement of the local agency providing
for the issuance.
3. Monies held in a Section 115 trust for Post-Employment Benefits Trust (the
“Program”) for the purpose of pre-funding pension obligations and/or OPEB
obligations. Investment of such section 115 trust/s are directed by the separate
Investment Guidelines Document (IGD) as approved by the Plan Sponsor.
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F. Benchmark and Performance Standards
T investment portfolio shall be designed to attain a market-average rate of
return throughout budgetary and economic cycles, taking into account the City’s
risk constraints, the cash flow needs, and state and local laws. The performance
of the investment portfolio shall be compared to the average yield on the U.S.
Treasury bill that most closely corresponds to the investment portfolio’s
weighted average effective maturity.
II. INVESTMENTS
This section of the Investment Policy identifies policies, types of investments, and related
matters pertaining to instruments in which the City will invest its idle funds.
A. Investment Standards
The City of Gilroy operates its temporary pooled idle cash investments under the
Prudent Investor Standard, California Government Code, Section 53600.3 1, and with
additional guidance from the provisions of the Uniform Prudent Investor Act, California
Probate Code Section 16045, et seq 2. This affords the City a broad spectrum of
investment opportunities as long as the investment is deemed prudent and is allowable
under current legislation of the State of California (Government Code Section 53600, et
seq).
B. Eligible Securities
Subject to the Prudent Investor Standard and other applicable laws and regulations,
this policy permits investment in the following:
• Insured Certificates of Deposit (CD's) of California banks and/or savings and loan
associations, and/or savings with a Superior or Excellent ranking of 165 or more as
provided by IDC Financial Publishing Inc. or similar rating publication) which mature in
five (5) years or less, provided that the City's investments shall not exceed Two Hundred
Fifty Thousand Dollars ($250,000.00) per institution. If the investment exceeds the
insured $250,000.00, the funds are to be collateralized at 110% of the deposit in
government securities or 150% in mortgages. (limited to 15% of the portfolio)
1Governing bodies of local agencies (e.g., a City Council) or persons authorized to make investment
decisions on behalf of those local agencies investing public funds pursuant to this chapter are trustees and therefore
fiduciaries subject to the prudent investor standard. When investing, reinvesting, purchasing, acquiring, exchanging,
selling, and managing public funds, a trustee shall act with care, skill, prudence, and diligence under the
circumstances then prevailing, including, but not limited to, the general economic conditions and the anticipated
needs of the agency, that a prudent person acting in a like capacity and familiarity with those matters would use in
the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity
needs of the agency. Within the limitations of this section and considering individual investments as part to an
overall strategy, a trustee is authorized to acquire investments as authorized by law.
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2The standard of care for trustees investing and managing trust assets is the Prudent Investor Standard and
takes into consideration the purposes, terms, distribution requirements and other circumstances of the trust, and in
satisfying this standard, the trustee is required to exercise reasonable care, skill, and caution in light of the facts and
circumstances existing at the time of a trustee's decision or action.
• Local Agency Investment Fund (State Pool) Demand Deposits
• California Cooperative Liquid Assets Securities System (CLASS) (limited to 15% of the
portfolio)
• Securities of the U.S. Government, or its agencies
• Negotiable Certificates of Deposit (NCDs) placed with federal and state savings
and loan associations and federal and state chartered banks with an office in the
State of California. (limited to 15% of the portfolio)
• Bankers Acceptances (limited to 15% of the portfolio)
• Commercial paper (limited to 10% of the portfolio)
• Passbook Savings or Money Market Demand Deposits
• Securities or bonds purchased under a prior investment policy, which may or may
not meet the standards of this policy. (Such securities or bonds may be held or sold
under this Policy but additional purchases shall not be made.)
• Money Market Mutual Fund (with $1.00 net asset value and which invests only in
instruments allowed under Government Code Section 53600, et seq.) - (limited to
5% of the portfolio)
C. Investments Deemed Not Appropriate at this Time
The City of Gilroy Investment Policy does not permit investment in the following
instruments or securities:
• Corporate bonds or stocks
• Repurchase agreements or reverse repurchase agreements
• Interest only or principal only strips
• Certificates of Deposit issued by institutions not operating within California
• Inverse floaters and range notes
• Financial futures or financial option contracts
• Securities lending or leveraging any portion of the portfolio
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D. Collateralization Requirements
Uninsured Time Deposits with banks and savings and loans shall be collateralized in the
manner prescribed by law for depositories accepting municipal investment funds.
E. Preformatted Wire Transfers
Wherever possible, the City will use preformatted wire transfers to restrict the transfer of
funds to preauthorized accounts only. When transferring funds to an account not
previously approved, the bank is required to call back a second employee for
confirmation that the transfer is authorized.
F. Qualification of Brokers, Dealers and Financial Institutions
The City Treasurer shall investigate brokers and dealers who wish to do business with
the City to determine if they are adequately capitalized, have any pending legal actions
against the firm or the individual broker, and that they market securities appropriate to
the City's needs.
The City shall annually send a copy of the current edition of the Policy to all institutions
and broker/dealers which are approved to handle City of Gilroy investments. Receipt of
the Policy, including confirmation that it has been received by persons handling the
City's accounts, shall be acknowledged in writing within thirty (30) days.
G. Diversification
The portfolio should consist of a prudent mix of various types of securities, issues and
maturities.
H. Confirmation
Receipts for confirmation of purchase or sale of authorized securities should be received
by the City Treasurer within five (5) days and include the following information: trade
date, par value, rate, price, yield, settlement date, description of securities purchased,
agency's name, net amount due, third party custodial information. These are minimum
information requirements.
I. Internal Controls
Investment duties shall be separated by having at least three persons perform the
following functions for any particular investment: the recordation of investments and
disbursements, confirmation receipts, the preparation of Treasurer's reports, wire
transfers, bank reconciliations and treasury reconciliations. An independent analysis by
the external auditor shall be conducted annually to screen internal control, account
activity, including verification of all securities, and compliance with policies and
procedures.
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J. Interest Earnings
All interest earned on investments authorized by this Policy shall be allocated quarterly
to all City funds based on the positive cash balances in each fund as a percentage of the
entire pooled portfolio.
III. SAFEKEEPING OF SECURITIES
A. Safekeeping Agreement
The City shall contract with a bank or banks with federally insured deposits for the
safekeeping services through a third party custodial agreement, (California Government
Code Section 53601)3 which includes delivery versus payment provisions, for securities
which are owned by the City as part of its investment portfolio.
B. Handling of City-Owned Securities and Time Deposit Collateral
All securities owned by the City shall be held by the City or by its third-party custodian,
except the collateral for time deposits in banks, savings banks, and savings and loan
associations. The collateral for time deposits in banks and savings and loans shall be
held in a trust account in the City of Gilroy's name. Dealers or brokers shall not hold
any securities for the City. A broker is not an approved depository under California
Government Code Section 53630 4 and Section 53608 5
C. Security Transfers
The authorization to release City's securities will be telephoned to the appropriate
depository or custodian by a Finance Department member other than the person who
initiated the transaction. A written confirmation outlining the details for the transaction
and confirming the telephone instructions will be sent to the bank within five (5)
working days. A confirming notice documenting the transaction will be sent by the
bank to the City within five (5) working days of the transaction.
3Section 53601. Authorized Investments, circumstances. A local agency purchasing or obtaining any
security . . . shall require delivery of the securities to the local agency . . . by book entry, physical delivery or by
third party custodial agreement.
4Section 53630(c) allows state or national banks, state or federal savings banks or savings and loan
associations, state or federal credit unions and federally insured industrial loan companies as approved depositories.
5Section 53608. Deposit of securities; delegation of authority. The legislative body of a local agency may
deposit for safekeeping with a federal or state association, a trust company or a state or national bank located within
this state or with the Federal Reserve Bank of San Francisco or any branch thereof within this state, or with any
Federal Reserve Bank or with any state or national bank located in any city designated as a reserve city by the Board
of Governors of the Federal Reserve System, the bonds, notes, bills, debentures, obligations, certificates or
indebtedness, warrants, or other evidences of indebtedness in which the money of the local agency is invested
pursuant to this article or pursuant to other legislative authority. The local agency shall take from such financial
institution a receipt for securities so deposited. The authority of the legislative body to deposit for safekeeping may
be delegated by the legislative body to the treasurer of the local agency; the treasurer shall not be responsible for
securities delivered to and receipted for by a financial institution until they are withdrawn from the financial
institution by the treasurer.
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D. Verification of Security
Securities held by an agent of depository as collateral securing time deposits will be
verified in writing during the year by the City's independent auditors as part of the City's
annual independent audit. The City's independent auditors confirm the collateral
directly with the bank holding that collateral. Those securities held by that depository or
custodian as collateral are subject to audit by the bank's auditors.
IV. STRUCTURE AND RESPONSIBILITY
This section of the Policy defines the overall structure of the investment management
program.
A. Responsibilities of the Finance Department
The Finance Department, through its officers and representatives, is charged with the
responsibility for maintaining custody of all public funds and securities belonging to or
under the control of the City and for the deposit and investment of those funds in
accordance with principles of sound treasury management and in accordance with
applicable laws and ordinances.
B. Responsibilities and Ethics of the City Treasurer
1. Delegation of Authority
The authority to manage the City’s investment program is derived from the
California Government Code Section 53600, et seq, The City Council is responsible
for the management of the City’s funds, including the administration of this
investment policy. The authority of the City Council to invest or to reinvest funds,
or to sell or exchange securities so purchased, is hereby delegated to the City
Treasurer, who shall thereafter assume full responsibility for those transactions until
the delegation is revoked and shall make quarterly reports of those transactions to
the City Council. (California Government Code Section 53607).
2. Responsibilities
The City Treasurer is appointed by the City Administrator and is subject to his
direction and supervision. The City Treasurer is charged with the responsibility for
the purchase, sale, custody and investment of City funds, and the development of
procedures to implement this Investment Policy. In fulfilling his responsibilities, the
City Treasurer is subject to the Prudent Investor Standard and shall render reports
regarding compliance with the Investment Policy. The City Treasurer is further
responsible for the duties and subject to the powers imposed by and applicable to
City Treasurers under the general laws of the State of California.
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3. Ethical Conduct
The City Treasurer will demonstrate integrity in all public and personal
relationships, protect the public trust, and seek no favor or accept any personal gain
which would influence or appear to influence the conduct of the office of Treasurer.
C. Responsibilities of the City Administrator
The City Administrator is responsible for directing and supervising the City Treasurer.
He is responsible further to keep the City Council fully advised as to the financial
condition of the City and its compliance with this Policy.
D. Responsibilities of the City Council
The City Council shall consider and annually adopt a written investment policy. As
provided in that policy, the Council shall receive and review quarterly investment
reports and may annually delegate investment authority to the City Treasurer pursuant to
California Government Code Section 53607.
E. Responsibilities of the Investment Committee
There shall be an Investment Committee consisting of the City Administrator, City
Treasurer/Finance Director, and the Finance Manager. The committee shall meet
quarterly to discuss cash flow requirements, monthly and quarterly investment reports,
investment strategy, investment and banking procedures, significant investment related
work projects being undertaken in each department which will affect the cash flow
management of the City Treasurer and to review compliance with the investment
policies adopted by the City Council. This will require timely reports from the
department heads to the City Treasurer concerning significant future cash flow
requirements.
V. REPORTING
The City Treasurer shall prepare a quarterly investment report, including a succinct
management summary that provides a clear picture of the status of the current investment
portfolio and transactions made over the past quarter by month. This management summary
will be prepared in a manner which will allow the City Administrator and City Council to
ascertain whether investment activities during the reporting period are in conformance with
the City's Investment Policy.
The quarterly investment report will include the following:
A. A listing of individual securities held at the end of the reporting quarter showing the:
1. type of investment
2. institution
3. date of maturity
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4. amount of deposit or cost of the security
5. rate of return
B. Unrealized gain or loss resulting from appreciation or depreciation by listing the cost
and market value of securities over one year in duration.
C. Average yield of return on the City's investments.
D. Maturity aging for the investments.
E. Compliance of the investment portfolio with the Investment Policy.
F. A statement denoting the ability of the City to meet expenditure requirements for the
next six months.
VI. REVIEW OF INVESTMENT MANAGEMENT
A. Statement of Policy
As set forth in California Code Section 53646(a), the City Administrator shall annually
render to the City Council a statement of investment policy, which shall be considered
by the Council at a public meeting.
B. Policy Review
This Investment Policy shall be reviewed annually by the City Council at a public
meeting in accordance with state law to ensure its consistency with respect to the overall
objectives of safety, liquidity, and yield. Proposed amendments to the Policy shall be
prepared by the City Treasurer and after review by the Investment Committee shall be
forwarded to the City Council for consideration at a public meeting.
Any recommended modifications or amendments shall be presented to the City Council
for their consideration and adoption.
VII. AUTHORITY
This Policy was duly adopted by authority of the City Council of the City of Gilroy on the
1st day of July 2015 and was most recently re-adopted on October 6, 2025.
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RESOLUTION NO. 2025-XX
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF GILROY AMENDING THE BUDGET FOR
THE CITY OF GILROY FOR THE 2025-2026 FISCAL
YEAR
WHEREAS, the City Administrator prepared and submitted to the City Council a budget
for the City of Gilroy for Fiscal Years 2025-2026 and 2026-2027, and the City Council
carefully examined, considered, and adopted the same on June 2, 2025; and
WHEREAS, City Staff has prepared and submitted to the City Council proposed
amendments to the budget for Fiscal Year 2025-2026 (FY26) for the City of Gilroy in the staff
report dated October 6, 2025, regarding the William Duff Architects, Inc. contract amendment for
the Fire Station Renovations Design Project.
NOW, THEREFORE, BE IT RESOLVED THAT the expenditure appropriations for
Fiscal Year 2025-2026 in Fund 625 – Equipment Outlay Fund shall be increased by $20,100.00.
PASSED AND ADOPTED this 6th day of October 2025 by the following roll call vote:
AYES: COUNCIL MEMBERS:
NOES: COUNCIL MEMBERS:
ABSTAIN: COUNCIL MEMBERS:
ABSENT: COUNCIL MEMBERS:
APPROVED:
Greg Bozzo, Mayor
ATTEST:
_______________________
Kim Mancera, City Clerk
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