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Council updates investment policy, approves Wells Fargo master agreement for banking services
Summary
Council approved revisions to the town’s investment policy to expand allowable instruments under ARS and later authorized a master agreement with Wells Fargo for banking and merchant services; the council discussed portfolio size and external management options and voted both measures into effect.
On Oct. 7 the Cave Creek Town Council approved two finance items: updated investment policy language (Resolution R2024-13) that expands authorized securities consistent with Arizona Revised Statutes, and authorization for the town manager to execute a master agreement with Wells Fargo Bank for banking and merchant services.
Finance Director Sherry White told council the proposed investment‑policy revisions broadened permissible holdings (for example, certificates of deposit, repurchase agreements, obligations guaranteed by the U.S. government, commercial paper with prime quality, and short‑term bonds) and introduced portfolio controls such as a five‑year maximum…
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