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Council updates investment policy; members debate inclusion of mortgage-backed securities
Summary
Oviedo adopted amendments to its investment management standard operating procedure after a review by Chandler Asset Management; council members raised concerns about mortgage-backed securities, but council approved the update with one recorded Nay by the mayor.
The Oviedo City Council approved updates to the city's investment management standard operating procedure at its Sept. 15 meeting, adopting a policy that expands permitted investments and adds risk-management and documentation measures recommended by the city's investment advisor.
Scott Stitcher of Chandler Asset Management presented the proposed revisions, saying the changes align the city's policy with Florida Statute 218.415 and best practices from the Association of Public Treasurers and the Government Finance Officers Association. "We expanded the permitted investments to include supranationals, commercial paper, corporate notes,…
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