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Commission updates investment policy to align with state law, broadens committee and removes risky instruments
Summary
The commission unanimously approved Resolution 206‑25 to amend and restate the city's investment policy, aligning titles with the CFO, updating required statutory language, adjusting permitted instruments, and expanding the investment committee from five to six members.
The City Commission on May 27 unanimously adopted Resolution 206‑25 to amend and restate the city’s investment policy.
Britta Souffrant, the city’s chief financial officer, described the changes as an administrative update to align the policy with current staff titles and state law, refine permitted investments and reporting, and expand the investment committee. Souffrant said the policy’s chief objective remains preservation of principal and that the document sets permitted investments, maturity limits and portfolio concentration limits and establishes committee duties and annual reporting.
Key amendments include replacing references to the finance director with the chief financial officer, adding language to align with Florida Statutes section 218.415 (subsection cited in the staff presentation), referencing the city’s VEBA plans for auditors’ consideration, and reducing exposure to certain higher‑risk permitted instruments. The policy also reduces the required annual continuing education from 10 credits to eight in alignment with state statute and increases the number of investment committee members from five to six to provide staffing flexibility.
Souffrant said the annual review of the policy remains in place; because the city ladders investments to cash‑flow needs, routine annual amendments are not expected. The commission moved and seconded the resolution and approved it unanimously.
