Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Policy topic
No spam. Unsubscribe anytime.
Council adopts investment policy; cash-receiving policy tabled for petty-cash and deposit controls
Summary
Treasurer Casey Hunsaker reviewed the city's investment approach (including a $5,000,000 METR holding and PTIF balances) and recommended annual review of the investment policy, which the council adopted. Council also reviewed a proposed cash-receiving policy (update to include myViewpoint portal) and tabled it to add explicit guidance on petty/imprest funds and a two-person deposit safeguard.
City Treasurer Casey Hunsaker presented two finance policies. On the investment policy he reviewed the city's current investment posture, noting a $5,000,000 principal placed in METR investments and recent quarterly interest and unrealized gains; he contrasted METR performance with returns in the Public Treasurer's Investment Fund (PTIF), noting the PTIF balance exceed $24 million and a second-quarter return of about 3.8581%.
Hunsaker said the investment-policy objectives are safety of principal, liquidity and then yield, and that the policy follows the Utah Money Management Act and the prudent-person rule. Council members asked about authorization for purchasing specific instruments (corporate bonds within statutory limits), allocation of investment income across funds, and whether staff should ever invest outside the state pool; staff recommended retaining expertise with the current approach and annual policy review. Council moved and approved the investment policy as presented.
On the cash-receiving policy, Hunsaker said the only substantive edit was to incorporate the city's new myViewpoint/Community Connect payment portal. Council raised several concerns: stronger language to restrict opening bank accounts outside city control, explicit policy for petty/imprest funds, and a two-person deposit practice to protect staff and funds. Council moved to table the cash-receiving policy until instructions on petty/imprest funds and deposit safeguards were inserted and then approved tabling the item.
Motion and outcomes: investment policy adopted by voice vote; cash-receiving policy tabled pending edits.
