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Commission adds diversification language to county investment policy
Summary
Minnehaha County Treasurer Chris Swanson asked the commission to add a diversification section to the county investment policy; commissioners approved the change and Swanson said the county will likely continue holding Treasury bonds, CDs and money markets.
Minnehaha County commissioners approved a revision to the county's investment policy that adds a section on diversification.
Treasurer Chris Swanson said the change was recommended after the policy was reviewed at the county's Aug. 19 meeting and that the goal is to "invest with the greatest amount of return while also making sure we follow the guidelines of our investment policy." He told the commission that the county currently holds treasury bonds, certificates of deposit and money-market funds and that the change formalizes a diversification approach without a wholesale shift in underlying holdings.
A member of the public asked whether diversification would mean investing in different asset classes in the future; Swanson said the county will probably "keep things more or less the same" given its current holdings. After brief questions, the commission moved, seconded and approved the policy change by roll call.
The transcript records the policy change and the treasurer's explanation but does not provide a specific new asset allocation or risk limits; those details would be in the updated policy document.
