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Council adopts investment policy for public comment; final vote set for June 16
Summary
The Council approved a Village investment policy modeled on Maryland State Treasurer guidance and directed staff to circulate it for at least 30 days of public comment; final adoption is scheduled for the June 16 meeting.
The Village Council reviewed and approved a new investment policy modeled on the Maryland State Treasurer’s recommendations and tailored by Village counsel, and directed the policy be circulated to residents for at least 30 days of public comment ahead of a final vote.
Village Manager Dana Peterson described the policy’s liquidity and maturity targets: at least 30% of the overall portfolio should mature in under one year and at least 50% should mature within two and a half years on a rolling basis. Peterson said the Village currently holds no certificates of deposit exceeding two years and that most holdings mature in 12–18 months. The minutes note the Village has opened a Maryland Local Government Investment Pool account to gain competitive rates while maintaining liquidity.
Council members discussed that past practices generally aligned with the proposed formal policy. The Council approved the resolution and instructed staff to circulate the resolution and policy via Constant Contact email, and scheduled final adoption for the June 16 Council meeting to allow a public‑comment period of at least 30 days.
