Jacksonville council adopts updated investment policy after review by Deep Blue advisors

The Jacksonville City Council on a routine vote adopted an updated investment policy and investment strategies after staff said the changes were minor and intended to align the city's practices with the Public Funds Investment Act.

City Manager James told the council that the city engaged Deep Blue as a new investment adviser after direction from the April council meeting and that Deep Blue recommended four minor changes to the policy. "They reviewed our investment strategy," City Manager James said, "and you see four bullet points there on the slide. What I would consider to be very, very minor recommendations and changes to the policy. Generally, just to make sure that we're consistent with the Public Funds Investment Act."

The council approved the resolution on a voice vote. Councilwoman Letitia Horace made the motion to adopt the resolution; Councilwoman Mindy Gallant seconded, and the motion carried with no recorded opposition.

The city engaged Deep Blue under an initial two-year agreement that staff described as cancellable with 30 days' written notice and billed monthly. City Manager James said Deep Blue will provide a quarterly report to the council in August, which staff expects will be an early opportunity to review the adviser's work and results.

The changes discussed are procedural refinements and consistency edits; staff characterized them as "minor recommendations" rather than a major policy overhaul. The action was part of the consent or standard financial-review work the council performs annually.

Council members did not request additional legal references beyond the Public Funds Investment Act during the discussion, and no amendments were offered. The adopted resolution will be reflected in the city's investment policy documents and overseen by staff and the contracted adviser going forward.