Council Bluffs raises per-bank deposit cap to $60 million and updates investment policy
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Summary
The council approved an amendment to the city’s investment policy and a separate resolution naming approved depositories as required by the Code of Iowa, citing larger bond issuances and the levee system cash flow needs.
Council Bluffs approved a resolution amending its investment policy and another resolution listing approved city depositories under Code of Iowa section 12C.02.
City staff told the council the primary motivation for increasing the per‑institution internal cap to $60,000,000 is timing and cash‑flow pressures tied to recent general obligation bond issuances and levee‑system project cash needs. A staff member said the change aligns the city’s internal limit with the state‑approved depository process and adds explicit language on collateral requirements to protect both the city and financial institutions.
The council moved and seconded the resolutions and approved both by voice vote. The packet and staff comments indicated the investment policy is reviewed annually and broader changes are considered on a three‑year cycle.
No written protests were recorded in the meeting packet for the policy change. Staff noted some city deposits (for example, property tax revenues and certain bond proceeds) are held at specific institutions and the adjusted cap is intended to diversify holdings while remaining compliant with state code.
The council also approved the list of city depositories required by Code of Iowa section 12C.02.