ADMINISTRATIVE REPORT

Date: November 19, 1997

CC File No. 1701

TO:Vancouver City Council

FROM:Director of Finance

SUBJECT:Authority to Invest Funds - 1998

RECOMMENDATION

THAT the Director of Finance be authorized, for the year 1998, to invest the funds of the following accounts as same become available, and to vary the investments from time to time as may be expedient, in accordance with Section 201, 259 and 260 of the Charter.

A.For Sinking Fund Account, Property Endowment Fund, Cemetery Perpetual Maintenance Fund, Captain Vancouver's Grave Maintenance Trust Fund, Capital Financing Fund, Taylor Manor Trust Funds

-Securities of or guaranteed by the Government of Canada;

-Securities of or guaranteed by a Province of Canada;

-Securities of the City of Vancouver;

-Securities of the Greater Vancouver Water District;

-Securities of the Greater Vancouver Sewerage and Drainage District;

-Securities of the Greater Vancouver Regional District;

-Securities of the Municipal Finance Authority;

-Securities of or guaranteed by any chartered bank in Canada;

-Securities or deposits in, or share or other evidence of indebtedness of, a Credit Union incorporated under the Credit Unions Act.

B.For General and Capital Accounts

-Securities of or guaranteed by the Government of Canada;

-Securities of the GVRD, GVWD, MFA, or City of Vancouver which mature within one year from the date of acquisition;

-Securities or deposits in, or shares or other evidences of indebtedness of, a Credit Union incorporated under the Credit Unions Act.

MANAGER'S COMMENTS

The General Manager of Corporate Services RECOMMENDS approval of A and B.

COUNCIL POLICY

Council has the policy to delegate to the Director of Finance the authorities which Council has under the Vancouver Charter with regard to the investment of the City's cash balances.

SUMMARY

The Director of Finance has requested to be authorized to invest the City's cash balances (Section 201) including the proceeds of debenture sales (Section 259) and cash in the Sinking Fund (Section 260). Details of these investments are circulated to Council each month for information.

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(c) 1997 City of Vancouver