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Red Hook adopts internal policy to join New YorkCLASS investment pool
Summary
The board approved an internal investment policy enabling participation in the New YorkCLASS municipal cooperative, setting minimum balances for accounts and a dual-approval transfer process.
The Village of Red Hook approved an internal investment policy that will allow the treasurer to invest village funds in New YorkCLASS, a municipal cooperative investment pool.
The policy sets minimum account balances to remain on hand before transfers: $50,000 in the general fund and $20,000 each in the water and sewer funds. It authorizes three officials — the village treasurer Mary Beth DeFilippis, the mayor and the controller — to initiate funds transfers; transfers must be approved by a second authorized person and New YorkCLASS’s dual-approval process will be used.
Board members said the policy is intended to let the village "get our feet wet" with New YorkCLASS so that idle tax receipts earn interest rather than sit in non-interest-bearing accounts. The policy also calls for an annual review by the board; members agreed to add language allowing routine acknowledgement rather than formal reapproval if no changes are needed.
The board approved the policy by voice vote.
