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Council reviews draft investment policy, debates annual review and advisory committee
Summary
Council and staff discussed proposed updates to the city's investment policy, including a Standard & Poor's 1'to'3-year Treasury benchmark, the frequency of policy reviews, and whether to create a resident investment advisory committee; no ordinance vote occurred and the committee proposal was deferred for a separate review.
The Pepper Pike City Council discussed a revised investment policy and a separate proposal to form a volunteer investment advisory committee during its Sept. 9 meeting. Mayor and finance staff reviewed wording changes, a new benchmark for performance and options for how often the policy should be reviewed.
The draft updates add a performance benchmark tied to the Standard & Poor's 1'to'3'year U.S. Treasury Bond Index and clarify safekeeping and custody language for securities. Peter Rancatore, the city's finance…
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