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Council hears second reading of updated investment policy; third reading expected next month
Summary
Council reviewed an updated investment policy statement at second reading and discussed review frequency and permissible asset classes; majority of suggested edits were incorporated into the draft.
The Pepper Pike City Council received a second reading Tuesday of a proposed update to the city’s investment policy statement, with staff and council members describing changes to asset designations and an advisory review schedule.
Staff member Peter reviewed the updates, saying the draft tightens categories to favor high-grade investments and adds standard designations by asset class. The draft also includes a recommended review frequency drawn from Government Finance Officers Association guidance: a one-year review cycle was proposed and discussed, though some council members suggested longer review intervals such as five or 10 years unless state law or market conditions dictated otherwise.
Council member Ernie said he had submitted recommendations; staff indicated most of those had been incorporated and that the remaining points would be circulated to council for consideration before the third reading. Members praised staff for consolidating edits and for administrative changes that already resulted in moving cash to more interest-bearing accounts.
Action and next steps: No final vote was taken; the council scheduled a third reading for next month. Staff will circulate outstanding suggested edits, and council members asked staff to include a written summary of changes and to note any items that remain unresolved before the third reading.
