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Oswego staff and PFM recommend modest investment-policy updates, stress liquidity and safety
Summary
PFM Asset Management reviewed the village's investment approach and recommended policy tweaks to align with Illinois statute, including shortening maximum maturity from 10 to 5 years and restricting allowable money-market funds to government funds; the village holds about $49.4 million in invested accounts.
PFM Asset Management's Michelle Binns told the Village of Oswego Committee of the Whole that the firm's work with the village has grown since 2019 and that the primary objectives for municipal investments are safety, liquidity and then return. "First and foremost is safeguarding principles," Binns said, adding that local governments should avoid risking principal to chase yield.
Andrea, a village staff member, said the village adopted a revised investment policy in 1998 to comply with state law and last updated it in 2013. She and Binns recommended small updates to keep the policy aligned with statutory changes enacted since that revision. Andrea summarized the proposed red lines for the board: clarify commercial-paper language consistent with statute, shorten the maximum permitted investment maturity from 10 years to…
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