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Council adopts updated investment policy; directs staff to craft investment-advisory committee plan
Summary
City Council adopted Ordinance 2025-13 to update the city—s Investment Policy Statement and discussed forming an investment advisory committee to review the city—s $40 million cash holdings and the performance of its investment adviser, Fifth Third.
The City Council on Oct. 5 adopted Ordinance 2025-13, approving edits to the city—s Investment Policy Statement (IPS) and directing staff to prepare a draft ordinance to create an investment advisory committee for later council consideration. The council—s finance director presented the administrative edits and council members discussed committee membership and scope.
Council action came after a series of textual cleanups to the IPS, including removing a nominee clause in the safekeeping section, changing certain references from "report" to "provide," and specifying that monthly reconciliations should be to the reports of the investment adviser rather than the city's internal records. The ordinance was adopted on a recorded roll call vote with…
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