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Council approves first reading of updated investment policy; second reading set for Oct. 14
Summary
Council approved ordinance 695 at first reading to update the city's investment policy with stronger diversification limits, minimum rating requirements, independent-auditor oversight, and delivery-vs-payment and custody safeguards; staff scheduled the second and final reading for Oct. 14, 2025.
The City Council on Sept. 23 approved the first reading of ordinance 695, which updates the City of Orange City's investment policy (codified in the code of ordinances, Article 5).
Finance Director Devlin Moore said the city currently has approximately $32.2 million invested in three local-government investment pools, producing an average rate around 4.4% as of August. Moore said the proposed investment-policy update preserves statutory priorities (safety of principal, liquidity, yield) while adding stronger diversification controls, explicit per-issuer limits, defined minimum credit-rating requirements, custody and delivery-versus-payment safeguards, independent-auditor review of compliance, and an annual policy review requirement. The policy also requires the finance director to complete a minimum of eight hours of continuing education in investments annually.
Moore said the policy permits a broader set of statutorily authorized, high-credit investments (municipal securities, asset-backed securities) but emphasizes safety and liquidity first. Council moved and seconded approval of the ordinance at first reading and scheduled the second and final reading for Oct. 14, 2025.
