The Civil Grand Jury issued a report November 2, 2020 regarding the City’s unfunded pension liability (UPL) and the role of the City Treasurer, including seventeen express findings and sixteen separate recommendations. Please see the “City Response to Grand Jury Report dated November 2, 2020”  below which includes specific responses to each finding and recommendation as well as the original Grandy Jury report. 

In accordance with California Government Code, Sections 53600-53609, the City of Upland maintains a Statement of Investment Policy. This Investment Policy is approved by City Council each year. The Investment Policy contains critical elements and guidelines on investing public funds, such as authorized and suitable investments, liquidity, authorized financial institutions and dealers, safekeeping and custody, diversification, internal controls and performance standards, and ethical and fiduciary responsibilities.