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TDA adopts independent investment policy to manage authority funds
Summary
The Tulsa Development Authority adopted its own investment policy on Sept. 25 to prioritize safety, liquidity and then yield and to require quarterly portfolio reporting and third‑party custodial safekeeping.
The Tulsa Development Authority voted on Sept. 25 to adopt an independent investment policy that will govern how the authority manages its public funds. Staff said TDA had previously used the City of Tulsa pooled investment policy and determined it was time to adopt a separate policy tailored to the authority’s reserve needs.
Staff described the policy’s three prioritized objectives: preserve principal, maintain liquidity for operating needs, then seek a reasonable market yield once security and liquidity are satisfied. The policy lists investments authorized under state law, competitive bidding procedures and the use of third‑party custodians for safekeeping. It also mandates quarterly reporting to the board on portfolio performance and composition.
During discussion staff noted a conservative example: rolling short‑term treasury bills for reserve funds could have yielded approximately $170,000 more annually for reserve balances established July 1, compared with the city pooled return. The board discussed whether to establish a separate investment committee; staff said the draft policy had been presented to the finance committee and that creating an investment committee could be considered later.
The board moved, seconded and approved the policy by roll call. Staff and trustees said the policy does not authorize any immediate investments; it only sets the framework to act if and when TDA chooses to invest funds.
