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Committee reviews investment policy, moves into closed session
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Summary
Committee reviewed the city's investment policy, agreed to affirm it with noted changes, and voted to convene into a closed session under Wisconsin statute; members discussed updating a custodial reference and timing of the policy review.
Staff presented the investment policy review and summarized the quarterly investment update. Staff noted the weighted average yield on the city's portfolio and reiterated the city's buy'and'hold-to'maturity approach and limits on allowable investments under state law.
Committee members asked whether a statutory reference in the policy (citation in the custody/safekeeping section) was outdated; staff said they would follow up with auditors and the custodial agent (US Bank) to confirm whether an update to the reference was needed and that the substance of the policy would not change. One member asked why the policy review was scheduled now rather than later in the year; staff said the timing aligned with quarterly investment reporting.
A motion to affirm the investment policy with the noted changes passed on a committee voice vote. The committee then moved to convene into closed session under Wisconsin state statute; a roll call was conducted and members voted to enter closed session.
