Gladwin Council adopts updated investment policy, authorizes banks and account signers

The Gladwin City Council on Nov. 17 adopted an updated City of Gladwin Investment Policy and approved a series of related resolutions authorizing banks, investment pools and account signatories.

City Treasurer Angela Bigham presented the revised policy, which replaces the city's 1998 policy and outlines objectives of safety, liquidity and return, delegation of authority to the treasurer, authorized investment types under Michigan Public Act 20 of 1943, internal controls, diversification limits and reporting requirements. "It is the policy of the City of Gladwin to invest public funds in a manner that provides the highest return with maximum security," the policy states, and Treasurer Bigham walked the council through the policy sections during the meeting.

City Administrator Kimberly Hines told the council the city had not been diversified in its investments. "The city wasn't diversified with its investment," Hines said, and the council voted to adopt the updated policy (motion by Council Member Gutierrez, supported by Council Member Caffrey). The roll call vote was unanimous.

In subsequent, related votes the council approved a resolution authorizing the City Treasurer to deposit and invest city funds with Huntington Bank, PNC Bank, Michigan CLASS and Michigan Liquid Asset Fund Plus (MiLAF+); and it designated City Treasurer Angela Bigham, City Clerk Marietta Andrist and City Administrator Kimberly Hines as authorized signers for MiLAF+, Michigan CLASS and the city's bank accounts, effective Nov. 18, 2025. Each resolution passed on unanimous roll call votes.

The council also formally re-affirmed the newly formatted investment policy and directed that the treasurer provide quarterly investment reports to council, including listings of individual securities, maturities and market values, as described in the policy text.

Votes at a glance (all motions approved, roll call unanimous unless noted): - Approval of minutes (Nov. 3, 2025): motion carried. - Approval of warrants and payroll (Nov. 4'17, 2025): motion carried; warrants $76,596.28; payroll $36,220.77; council/elections payroll $3,491.20. - Indemnity agreement for Festival of Lights Parade (City, Consumer Energy, Dynamic Displays): approved. - Adoption and re-affirmation of City Investment Policy: approved. - Authorization of financial institutions and investment pools (Huntington Bank, PNC Bank, Michigan CLASS, MiLAF+): approved. - Authorization of signers for MiLAF+, Michigan CLASS and city bank accounts (Angela Bigham; Marietta Andrist; Kimberly Hines): approved.

Why it matters: The updated policy clarifies how the city will manage cash and invest funds, assigns responsibility to the treasurer, and names the institutions and individuals authorized to transact on city accounts. The council also set reporting expectations intended to increase transparency and oversight.

The meeting packet referenced potential revenue from contracting with a professional investment manager (PFM); during the discussion officials said the change "could bring in up to one hundred thousand dollars." The packet included a parenthetical figure that appears inconsistent with that statement; the council did not resolve that discrepancy during the meeting.

Next steps: The treasurer will implement the policy provisions and provide the quarterly investment reports to the council. The re-affirmed policy will be reviewed annually and any amendments would return to council for approval.