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Finance committee reviews updated Des Moines investment policy; seeks clearer limits and reporting
Summary
Finance staff presented a draft revision to Des Moines’ investment policy, updating practices for pooled accounting, adding staff training, and explicitly prohibiting cryptocurrency.
City finance staff presented a revised draft investment policy intended to replace the existing 1995 policy in the municipal code and to be adopted by council resolution.
Staff said the updated policy reflects the city’s current pooled-cash accounting, adds training requirements for staff and guidance for external managers, and explicitly lists prohibited investments — including cryptocurrency, which staff said is forbidden under state law as an allowable municipal investment. On dealer and counterparty requirements, staff described a more comprehensive questionnaire that will ask for current securities licensing, FINRA…
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