July 16, 2026 - Finance and Audit Commission Part 1

The City of Menlo Park Finance and Audit Commission held a hybrid meeting on July 16, 2026, focusing primarily on financial oversight and investment policy updates. Key procurement-related discussions included a detailed review and recommendation of amendments to the city's fiscal year 2026-2027 investment policy. Proposed changes involved adding super national bonds as eligible investments, extending the maturity limit for U.S. Treasury securities from five to seven years, and authorizing the use of certificate of deposit account registry services and insured cash sweep services to enhance liquidity and yield while maintaining FDIC insurance coverage. The commission unanimously recommended these updates to the city council. Additionally, the commission reviewed the investment portfolio report for March 31, 2026, noting improved yields and portfolio performance relative to treasury benchmarks, and recommended its receipt by the city council. There was also discussion about developing a more customized benchmark to better assess portfolio performance, with a motion passed to explore this further without delaying current recommendations. The commission prepared its annual report to the city council, including suggestions to highlight significant audit findings and future work plan priorities, such as fostering community engagement on budget and revenue discussions. No direct contract awards or vendor selections were made, but the meeting included strategic financial policy decisions that could influence future procurement and investment activities.