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Council adopts investment and depository policy for county excess funds
Summary
Boone County Council approved a resolution establishing an investment and depository policy for county excess funds and identified approved institutions.
Boone County Council approved a resolution establishing a written investment and depository policy for the county's excess funds during its meeting.
County staff explained the policy governs funds held for investment beyond day-to-day operating cash and identifies approved institutions for investing county reserves. The document cited three institutions the treasurer currently uses: KeyBank, and two local banks identified by staff for county investments. The treasurer or county finance staff may propose additions or amendments to the list for council consideration.
Staff said the resolution was also requested by the courts as part of routine financial oversight. Boone County Treasurer Nikki Baldwin addressed the council in public comment to note the item had been on the board of finance's planned agenda earlier in the year.
Council members voted by roll call to adopt the resolution.
