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Regular City Council Meeting Monday, October 22,2012 Page 14 tutional investor perspective; with all of those considerations laid out prior to the actual investment. Councilmember Johnson, recognizing the complexity of the investment strate- gy, stated that he would prefer personally to see investments stay within the United States. However, Councilmember Johnson also recognized the practical- ities, and staff's recommendation; and while his personal philosophy may differ, Councilmember Johnson deferred to the expertise and judgment of Mr. Miller for the best interest for the City's investment. Mr. Miller noted that he shared that same sentiment as expressed by Coun- cilmember Johnson; however, he recognized the dynamic changes in the global economy over the last 4-5 years, and again stressed the temporary nature of this requested action. Mr. Miller stated that he hoped to see credit agency adjust- ments and increased agency ratings again in the near future. Johnson moved, McGehee seconded, adoption of Resolution No. 11021, enti- tled, "Resolution Adopting Financial and Budget Policies for the City of Rose- ville;" approving the revised Investment Policy as detailed in the RCA dated October 22, 2012. At the request of Councilmember McGehee, Mr. Miller clarified that this action would direct staff to proceed, and they would not be returning to the City Coun- cil for subsequent action for approval,based on the need for a fluid and dynamic bid process. Mr. Miller assured Councilmembers that staff would stay within the approved outlined framework. Councilmember Willmus advised that, based on his previous comments, he would be voting in opposition to the motion; and while concurring with Coun- cilmember Johnson's comments regarding deferring to staff's expertise, from his personal perspective, the risk outweighed any gain, if projected at less than '/a%. Councilmember Pust clarified that, while this proposed temporary change al- lowed staff to go outside the United States, it also didn't preclude them from staying within the United States. Mr. Miller concurred, however, he anticipated that the best bids would come from outside the United States, as that market continued to provide the best rates at this time. Councilmember Pust advised that she shared similar concerns to those raised by Councilmembers Willmus and Johnson; however, she also recognized the need to make the best use of the public's money in this current financial market.