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Manhattan board repeals old investment policy, adopts updated policy and amends deposit/disbursement code
Summary
The Village of Manhattan board voted to repeal an older investment ordinance, adopt a new investment policy aligned with GFOA guidance, and amend municipal code sections governing deposits and disbursements.
The Village of Manhattan Board voted to repeal Ordinance No. 13-04-19 and adopt a new investment policy, and it also approved amendments to Village Code sections that govern deposit and disbursement of funds.
Board members approved the package after a staff presentation that said the changes mostly update language to reflect best practices recommended by the Government Finance Officers Association (GFOA). The changes include a resolution adopting the new investment policy and amendments to Village Code section 1-9-5 (deposit of funds) and section 1-9-2 (disbursements) to clarify who may be authorized to sign checks and to allow the board to implement personnel changes by resolution rather than repeatedly amending the code.
Finance staff explained the three items were intended to work together: repeal the old ordinance, amend deposit and disbursement sections of the municipal code to reflect current practice, and adopt the new investment policy. The packet circulated to the board included a summary of the major wording changes, and staff said the substance of the policy remained largely the same but the wording was modernized to align with GFOA best practices.
There were no substantive objections from board members during discussion. The board conducted separate roll-call votes on the repeal, the two code amendments and the resolution adopting the investment policy; each measure passed on recorded voice/roll-call votes.
The code amendment to disbursements was described in part as bringing Village practice in line with a resolution passed at the June 17 meeting that had authorized the village administrator and the deputy clerk to sign checks. Under the approved change, the board can authorize designated individuals by resolution, reducing the need to update the code whenever personnel change.
The board did not attach additional conditions or direct staff to return with further changes; staff said the updated policy and code amendments would be implemented following the formal adoption votes.
