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Council tables annual investment policy review, asks for tracked changes and plans RFQ for diversification
Summary
Finance Director Sherry Roberts presented the city’s annual investment policy (R-03-25), noting updates and an added investment pool; the council voted 5-0 to table the resolution to the Feb. 4 meeting and asked for a redline showing changes from the 2016 policy.
The Glenn Heights City Council tabled resolution R-03-25, the annual review of the city’s investment policy and investment strategies, and requested a redlined draft showing what changed since the prior policy.
Finance Director Sherry Roberts told the council the policy had not been updated since February 2016 and that state law requires annual reapproval. Roberts said Hilltop Securities assisted in revamping the policy and that staff added Logic as an additional investment pool to diversify holdings. Roberts described plans to run an RFQ for a broker-dealer or advisory services and asked for a small committee — city manager Cliff Blackwell, Roberts and possibly a council member — to meet quarterly on investments.
Roberts noted one specific statutory-related change: Public Funds Investment Act (PFIA) training requirements previously set at 10 hours are now 8 hours every two years for staff certification. Councilmembers asked to see the prior policy alongside the revised version with tracked changes before voting. Councilmember comments included requests to postpone action until members could review those tracked changes.
A motion to table agenda item 1 until the Feb. 4 meeting carried 5-0. Roberts offered to present the Logic account setup and a separate resolution for that pool at the Feb. 4 meeting and to produce the requested redline showing edits from the 2016 policy.
