December 4, 2023 Investment Policy Advisory Committee

Agenda

1. CALL TO ORDER AND LAND ACKNOWLEDGEMENT

2. APPROVAL OF MINUTES – September 11, 2023

3. APPROVAL OF THE ORDER OF BUSINESS AND APPROVAL OF ADDITIONS AND DELETIONS

4. BUSINESS ARISING OUT OF THE MINUTES

5. CALL FOR DECLARATION OF CONFLICT OF INTERESTS

6. CONSIDERATION OF DEFERRED BUSINESS – NONE

7. REPORTS/DISCUSSION
7.1Treasurer’s Report Quarter Ending September 30, 2023 [PDF]

7.1.1 Draft Investment Policy Advisory Committee Report – Quarter ending September 30, 2023
Motion:
That the Investment Policy Advisory Committee recommend that the Audit and Finance Standing Committee forward the Investment Policy Advisory Committee Report – Quarter Ending September 30, 2023, to Halifax Regional Council for Information.

7.2 2023 Annual Investment Policy Review [PDF]
Motion: 
That the Investment Policy Advisory Committee approve:  

1. The increase of the maximum portfolio limit of financial institutions to 60%;

2. The removal of investment instrument of equities and corporations as a counterparty;

3. The adoption of the average yield of the three-month Canadian T-bill as the benchmark for evaluating portfolio performance; and

4. The meeting schedule be changed to semi-annually from quarterly with the quarterly investment report (Treasurer’s Report) provided for review quarterly.

That the Investment Policy Advisory Committee recommend that the Audit and Finance Standing Committee recommend that Halifax Regional Council approve amendments to the Investment Policy to: 

1. Increase the maximum portfolio limit of financial institutions to 60%;

2. Remove equities and corporations as a counterparty;

3. Adopt the average yield of the three-month Canadian T-bill as the benchmark for evaluating portfolio performance; and

4. Change the meeting schedule of the Investment Policy Advisory Committee from quarterly to semi-annually with the quarterly review of the investment report (Treasurer’s Report). 

7.3 Proposed 2024 Meeting Schedule [PDF]
Motion: 
That the Investment Policy Advisory Committee approve the proposed 2024 Investment Policy Advisory Committee meeting schedule as outlined in the staff memorandum.

8. ADDED ITEMS

9. DATE OF NEXT MEETING – March 4, 2024

10. ADJOURNMENT    

INFORMATION ITEMS - NONE