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Committee backs placing OklaClass investment policy amendment on council agenda
Summary
Finance staff briefed the committee on amending the investment policy to join a qualified pooled investment (OklaClass) and recommended placing required resolutions on the next council consent agenda; staff said participation costs nothing and could improve overnight returns.
City finance staff told the committee the state has authorized municipalities to use qualified pooled investments and that the city can amend its investment policy to permit participation in the statewide pooled fund known as OklaClass. David Floyd, bond counsel connected to the pooled fund, and staff described the process: amend the policy to match state statute and adopt interlocal resolutions for the city and each public trust that wishes to join.
Staff framed OklaClass as a liquidity-management tool similar to a money-market sweep but pooled across municipalities. A staff presenter said it ‘‘doesn’t cost us anything to participate’’ and described the pool as an additional tool for daily cash management with potential modest returns above a traditional money-market account.
Council members asked about local banking relationships and whether the change would reduce the city’s ability to buy treasuries directly; staff explained that general ledger accounting would still track fund ownership and that most daily cash-movement practices would be unchanged. The committee directed staff to place the investment-policy amendment and the interlocal resolutions on Tuesday’s consent agenda and to answer any questions from council members who were absent from the meeting.
