Board unanimously approves annual investment policy; district finance officer discloses no conflicts

The Lake Dallas Independent School District Board of Trustees unanimously approved the district's annual investment policy review on Sept. 22 after receiving a presentation from the district's investment officer.

The board heard that state law and board policy require an adopted written investment policy, annual review, designation of an investment officer, required training for that officer, quarterly investment reporting and periodic compliance audits. The presenter said the district primarily invests in investment pools that, in turn, invest in government notes and similar instruments. She also summarized approved instruments in the district's policy (CDA legal/local), including certificates of deposit, repurchase agreements, bankers' acceptances, commercial paper and investment pools.

In disclosing potential conflicts, the investment officer told the board she had filed a written statement with the board and with Dr. Brown that she had no personal business relationships with firms seeking to do business with the district and no personal relationships with individuals seeking to sell investments to the district. "I've written a letter to the board and doctor Brown stating that I have neither of those," she said.

Trustee Baird moved to approve the investment policies as presented and Trustee Bartley seconded the motion. The board voted unanimously to approve the policies; the meeting record shows no abstentions. The presentation noted that the district's investment officer must meet the statutory standard of care, prioritize safety of principal, maintain liquidity to meet payroll and obligations, and seek appropriate yield within those constraints.