Milton council continues investment-policy review, discusses oversight and communication

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 oversight group that might include the CFO, city manager, budget director, one or more council members and a qualified member of the public; they also raised concerns about restricting the CFO’s authority to move funds rapidly when needed.

Why it matters: Milton’s general reserves fund must be managed to preserve liquidity for operations while complying with state statute that limits risky investments. Council members said improved communication would increase public confidence without constraining the CFO’s ability to respond quickly to market or operational needs.

Key details - Council directed staff to continue the investment-policy discussion at the June 26 work session. - Councilwoman Farrell requested quarterly reporting on investments (amount, vehicle, location, interest, service cost and term) and immediate notification for changes in investment vehicles. - Council discussed the possible formation of an oversight committee; members emphasized the need to balance oversight with the CFO’s operational authority. - The transcript records a general reference that “State statute dictates that we cannot put these in risky investments.”

Selected quotes “I'm going to be, requiring a quarterly report of our investment the investment, the amount of it, the vehicle that it's in, where it's located, the amount of interest, the service cost, and the term for that particular investment on a quarterly basis.” — Councilwoman Farrell

Background and next steps Staff will set the item for continued discussion on June 26. Councilmembers asked staff to prepare options for committee structure and to clarify the legal constraints imposed by state statute and current city ordinance. No formal policy changes were adopted at the workshop.

Ending Council members concluded that better communication and a clear process for oversight could improve public trust; they scheduled further discussion for June 26 to resolve details.