The Punta Gorda City Pension Board unanimously adopted an updated Investment Policy Statement (IPS) that adds a 2% cash position, adjusts fixed‑income targets and inserts state compliance language related to companies that boycott Israel.

Jack, the investment consultant from Mariner, reviewed the redline IPS and described the main changes. He said the board added a 2% cash allocation, reduced the domestic fixed‑income target from 20% to 18% and adjusted corresponding floor targets. "From a corresponding position standpoint, so the domestic fixed income targets go from the bottom target goes from 15 to 13 to reflect the 2% that comes out," Jack said.

The consultant also described a benchmarking change for fixed income: replacing a previously listed intermediate benchmark language with the Bloomberg Aggregate index to better match the fund's opportunity set and duration. He noted other technical edits, including specifying the equal‑weight version of the NFI Odyssey real estate benchmark and changing the infrastructure benchmark from CPI plus 4 to CPI plus 3 to align with total portfolio language.

The IPS also adds language to implement compliance with a recent state provision that restricts doing business with companies that boycott Israel. According to the consultant, the board will send letters to mutual fund managers telling them to divest holdings that appear on the state's list or to place those holdings in separate vehicles; separate account managers would be required to divest. The consultant said the office does not expect major disruption because relatively few companies are on the list.

A trustee moved to accept the redline IPS, another trustee seconded, and the board approved the IPS by unanimous voice vote. The transcript does not list the trustees by name for the motion and seconding votes. The adopted IPS changes were described as technical and correspond to benchmark, allocation, and compliance updates rather than new benefit policy.