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Commission updates investment policy to align with GFOA and Robinson Capital recommendations
Summary
Mount Clemens adopted a revised investment policy expanding safety objectives (credit, interest-rate, concentration and foreign-currency risk), updating delegation and authorization for investment decisions, adding internal-control language, and excluding certain trust investments governed elsewhere.
The Mount Clemens City Commission voted May 20 to adopt an updated investment policy that staff said aligns the city with guidance from the Michigan Government Finance Officers Association and Robinson Capital.
Staff described the revisions as expanding investment safety objectives to explicitly address credit risk, interest-rate risk, concentration of credit risk and foreign-currency exposure; clarifying delegation and authorization (moving some authorizations to treasurer, deputy treasurer or designees); and adding internal-control and portfolio diversification guidance. Staff also said the retiree healthcare trust investments are exempt from the city's general policy because they are governed by that trust's ordinance.
Commissioners expressed appreciation for the updated approach and for staff work that has increased investment income for the city. The commission adopted the policy by roll call vote.
