LTC 383-2019 Association of Public Treasurers of the United States and Canada presents the City of Miami Beach Investment Policy Certificate of Excellence AwardMIAMI BEACH
City of Miami Beach, 1700 Convention Center Drive, Miam i Beach , FL 33139, www.miamibea c hfl .gov
383-2019
LTC#
TO:
FROM:
DATE :
SUBJECT:
LETT R TO COMMISSION
Mayor Dan Gelber and Members o
Jimmy L. Morales, City Manager
July 8, 2019
Association of Public Treasurer ·of the United States and Canada presents the
City of Miami Beach Investment Policy Certificate of Excellence Award.
The purpose of this Letter to the Commission ("LTC") is to inform the Mayor and City Commission
regarding the results of the first ever certification presented by the Association of Public Treasurers
of the United States and Canada (APT US&C) on the City's Investment Policy. The City has
maintained an investment program for over 23 years with the primary goal of safeguarding the City's
capital, liquidity of funds, and return on investment. On December 12, 2018 the City Commission
approved a comprehensive update of the City's Investment Policy. As part of the update,
Administration recommended having the City's investment policy reviewed and certified by APT
US&C as well as Standard & Poor's (S&P) to ensure it is a professionally accepted policy.
A team of reviewers from APT US&C reviewed the City's Investment Policy and they are pleased to
present the City of Miami Beach, Florida with the Association's Investment Policy Certificate of
Excellence Award. To derive the certification, APT US&C conducted a detailed review of the City's
Investment Policy. For the policy to receive certification it must be approved by all reviewers on the
18 areas spelled out in the APT US&C model policy. These areas include policy, scope, prudence,
objective, de legation of authority, ethics and conflicts of interest, authorized financial dealers and
institutions, authorized and suitable investments, investment pools/mutual funds, collateralization,
safekeeping and custody, diversification, maximum maturities, internal control, performance
standards, reporting, investment policy adoption and glossary.
The Members of the Association's Investment Policy Certification Committee congratulated the City
of Miami Beach for its success in developing a comprehensive written investment policy that meets
the criteria set forth by the Association's Investment Policy Certificate Committee. Given that there
are thousands of public entities nationwide, the City is one of only 208 to be approved in the last 10
years.
In addition to the APT US&C certification, on March 13, 2019, the City received the highest possible
rating of AAAf/S1 from Standard & Poor's Global Ratings on the Investment Program (see LTC
#166-2019). The City of Miami Beach is one (1) of only two (2) municipalities in the State of Florida
to have their Investment Policy assigned a AAAf/S1 rating.
These reviews affirm that the City is abiding by nationally recognized professional standards
established to ensure prudent management of public funds. If you have any questions or require
additional information, please feel free to contact John Woodruff, Chief Financial Officer.
@{h)
JLM/JW/AW/sp
Association of Public Treasurers
of the United States and Canada
June 20, 2019
Ms. Alison Williams, Deputy Finance Director
and Mr. John Woodruff, Chief Financial Officer
City of Miami Beach, Florida
1700 Convention Center Drive
Miami Beach, FL33139
Dear Ms. Williams and Mr. Woodruff:
The Association of Public Treasurers of the United States & Canada is pleased to present the City of
Miami Beach, Florida with the Association's Investment Policy Certificate of Excellence Award. The
members of the Association 's Investment Policy Certification Committee congratulate your
municipality for its success in developing a comprehensive written investment policy that meets the
criteria set forth by the Association's Investment Policy Certificate Committee.
A team of reviewers from the Investment Policy Certification Committee reviewed your Investment
Policy and approved your entity's policy for the Certificate of Excellence Award.
You are cordially invited to attend the APT US & C annual conference to receive your award. Plaques
are presented by the President of the Association and the Chairperson of the committee. This year,
the 54th Annual Conference will be in Oklahoma City, Oklahoma from July 14th through July 17th,
2019. We hope you will be able to attend . If not, we will mail your plaque to you after the conference.
Once again, Congratulations on creating an excellent investment policy and attaining this award.
Sincerely,
.1~1J~
Roger Wisecup, CPA, CPFA, ACPFIM
Investment Policy Certification Committee Chairperson
www.aptusc.org
Post Office Box 591 ·Tawas City, Ml48764-0591 · info@aptusc .org · (p) 989-820-5205