Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Poulsbo council adopts updated investment policy, wins five-year WPTA certification
Summary
The Poulsbo City Council unanimously approved Resolution 25-10 updating the city's investment policy and earned a five-year certification from the Washington Public Treasurers Association, officials said.
The Poulsbo City Council on Aug. — adopted Resolution 25-10 updating the city's investment policy and securing a five-year certification from the Washington Public Treasurers Association (WPTA). The council voted in favor after a presentation from finance staff.
The updated policy replaces a 2018 document, adds the permanent fund to the applicable scope and modernizes language and structure, Finance staff said. Senior Accountant Jenna (last name not specified) and Finance staff outlined the revisions and said the certification brings the city into a small group of Washington jurisdictions with WPTA recognition.
Jenna described the changes as a mix of readability and technical updates: the policy adds a table of contents and clearer definitions, removes obsolete references to a finance committee, and aligns the policy with state guidance. She said the city had last certified in 2019 and was now renewing with the WPTA panel.
"We are now one of 12 out of 281 cities in Washington that currently have the certification," Jenna said during the presentation.
Council members asked about a specific prohibition in the draft: money-market mutual funds. Finance staff said most of the city's liquid funds are invested in the State Local Government Investment Pool (LGIP), which provides same-day liquidity and, in their view, better yields and federal protections than the mutual funds under consideration.
The council approved Resolution 25-10 by voice/roll call; the motion was carried with the council voting in favor. City staff said the certification and the updated policy should keep the city aligned with State Auditor Office guidance and modern best practices for municipal investments.
Council and staff said the policy renewal keeps Poulsbo eligible for the WPTA certificate of excellence and provides clearer guidance for staff managing city funds going forward. Staff said they will publish the revised policy and the certification letter on the city website.
