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Budget and Finance committee backs new investment policy targets; recommends FI‑12 to governing board
Summary
The committee recommended forwarding changes to investment policy FI‑12 to the governing board, endorsing a 25% equity target (15–35% range) for reserve funds and defining short/medium/long‑term buckets, with CapTrust to manage implementation.
The Budget and Finance Committee reviewed proposed changes to investment policy FI‑12 on April 15, 2025, and voted to forward the working group’s recommendations to the governing board for consideration. Chair Treasurer Director Christine Novello introduced the item and described the working group's directive to minimize language changes while clarifying investment objectives. Mickey Jacobs, a working group member, moved to forward the proposal; committee members voiced agreement and the item was scheduled to go to the governing board workshop in May.
What changed: The proposed FI‑12 revisions distinguish short‑, medium‑ and long‑term reserve needs, clarify allowable instruments for each horizon and set a new equity target for the overall reserve portfolio. The committee agreed to an equity target of 25% of…
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