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Glenn Heights council adopts annual investment policy after minor wording clarifications
Summary
Council unanimously approved Resolution R-03-25 adopting the city's annual investment policy, adding clarifying language on investable cash, finance director duties, bonding, and authorized dealer lists.
The Glenn Heights City Council on Feb. 7 unanimously approved Resolution R-03-25 adopting the city's annual investment policy, a requirement of the Public Funds Investment Act.
City Manager Cliff Blackwell told the council the revisions were largely clarifying changes. He said additions included language instructing staff to establish procedures to maximize investable cash balances, explicitly delegating operation tasks to the director of finance, requiring bonding for investment officers, and directing the director of finance to maintain a list of authorized broker-dealers and investment pools.
The changes are intended to restate established practice and add clarity, Blackwell said. He told the council the written procedures had already been established and that the bonding requirement was previously met but was now added into the policy language to ensure adherence.
Councilmembers voted 6-0 to adopt the resolution. Mayor Sonya A. Brown presided; Councilmembers Moseley, Harry Garrett, Hale, Lightfoot and Binford voted aye. The record shows Finance Director Sherry Roberts was not present for the presentation.
The council will review the policy again in future years as required by state law.
