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Elbert County commissioners adopt updated investment policy and abandoned‑property resolution
Summary
The Board of County Commissioners unanimously approved a revised investment policy (replacing the 2017 policy) and adopted an abandoned‑property resolution to govern tangible personal property in county possession; the abandoned‑property policy will supplement the Colorado Unclaimed Property Act.
At the July 22 meeting, the Elbert County Board of County Commissioners unanimously adopted two administrative policies: an updated county investment policy and a resolution establishing an abandoned‑property policy for tangible county property.
Treasurer Sherry Hewlett presented the investment policy overhaul, saying the existing policy dated to 2017 and the new document provides more detail on scope and structure, pooling of funds, prudent‑person standards, delegation of authority, ethics and conflicts of interest, internal controls, authorized institutions, custody and a maximum five‑year security cap unless otherwise approved. "I think the one that we have now is more in‑depth...it's more informative than the previous," Hewlett said. Commissioner Schroeder and others praised the effort and the board approved the policy.
On the abandoned‑property resolution, county staff member Lance explained the policy will give the sheriff's office and the director of public works a clear mechanism to locate owners and manage disposition when tangible personal property comes into county possession. Lance said the policy will supplement the Colorado Unclaimed Property Act and noted a statute previously cited in the online draft is no longer operative; he provided a redlined version at the meeting. "They will be supplemental," Lance said, explaining the policy primarily addresses tangible property while the Unclaimed Property Act focuses largely on intangible assets.
Commissioner Schroeder moved to adopt the abandoned‑property policy with the edits provided; the board seconded the motion and approved the resolution. No public comment was offered on either item.
Separately, Commissioner McDaniel asked the board to set a work‑study session to review an invoice from Kinley Horn and concerns about distribution of a draft comprehensive plan to a county resident; the board did not take immediate action and the item will be scheduled for further review.
