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Milton council continues investment-policy review, discusses oversight and communication
Summary
Councilmembers agreed to continue review of the city’s investment policy at the June 26 work session and discussed quarterly reporting, safeguards for reserves and the potential role of a citizen committee to meet with Truist Bank.
The City of Milton council agreed to continue review of its investment policy at the June 26 work session after extended discussion about reporting, oversight and the use of local bank accounts.
Councilwoman Farrell said she would require quarterly reports that list the amount invested, the investment vehicle, interest earned, service costs and term for each investment. She also asked that the council be immediately notified any time funds are moved between investment vehicles.
Former councilman Jimmy Messick, present in the audience, suggested forming a committee to meet with Truist Bank. Council members discussed options for an…
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