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Kodiak Island Borough finance director proposes written short‑term investment policy; Assembly directs ordinance drafting
Summary
Finance Director Dora Cross presented a draft short‑term investment policy and recommended expanding eligible investments beyond government-sponsored securities. The Assembly generally supported drafting the policy into ordinance form, with members asking for public input on some elements and a separate work session on long‑term (facility) funds.
Finance Director Dora Cross told the Kodiak Island Borough Assembly on Jan. 30 that roughly 91% of the borough's current portfolio is invested in U.S. government or government‑sponsored debt and proposed adopting a written short‑term investment policy and modestly broadening eligible investments.
Cross said the proposed short‑term policy would formalize current practice, add clarity on liquidity and diversification, and allow the borough to include additional low‑risk instruments recommended by the Government Finance Officers Association such as money‑market mutual funds, commercial paper and certain corporate bonds. She emphasized a government first approach to investments: "safety first, liquidity for need, and then return last."
The policy Cross presented would segregate operating cash,…
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