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Sunnyside council adopts new investment policy after finance review
Summary
Council adopted an updated investment policy Oct. 27 after finance-committee and legal review. Councilors debated whether to allow more time for review but voted in favor of policy adoption to establish written standards for the city's investments and reporting.
The Sunnyside City Council voted Oct. 27 to adopt a new municipal investment policy that outlines governing authority, authorized investments, ethics/conflict rules, safekeeping, reporting and performance standards. Monica Hofstetter presented the policy, noting it was modeled on a recently adopted policy from another Washington city, reviewed by the city attorney and vetted by the finance committee.
Several council members asked for extra time to review the document; some said they had already read the policy and were comfortable voting. Council discussion referenced the absence of a previously located policy and the governance risk posed by having no written standard; councilors argued a written policy reduces turnover risk and clarifies staff authority.
Councilor Ripley moved and Councilor Hancock seconded adoption. The ordinance/policy was adopted by roll-call vote; council members who voted "yes" included Fausto, Vasquez, Hart, Ripley, Hancock and the Deputy Mayor.
