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Elbert County adopts updated investment policy to tighten controls and diversify funds
Summary
The Elbert County Board of Commissioners voted July 22 to adopt a rewritten investment policy that updates the 2017 policy, clarifies fund scope and delegation of authority, strengthens internal controls and sets a five-year cap on certain longer-term securities.
The Elbert County Board of County Commissioners voted to adopt an updated county investment policy at its July 22 meeting.
Sherry Hewlett, Elbert County treasurer and public trustee, told the board the policy replaces the 2017 version and expands coverage on scope, pooling, objectives, delegation of authority, ethics, internal controls and permissible investments. "I think it's a good policy," Hewlett said, calling the draft "more in-depth and more informative" than the prior document. Commissioners praised the effort and the board approved the policy by voice vote.
Hewlett said the draft includes clearer internal controls so that no single person can complete transfers without review, and places a five-year cap on maximum security terms unless the board approves otherwise. The board discussed the policy's purpose to balance availability of funds with opportunities for longer-term investments to improve returns. The motion to adopt passed on a recorded voice roll with the board announcing unanimous 'aye' votes.
The policy will be posted as adopted and staff said they can return for annual review or to propose changes as market conditions or county needs evolve. Next steps include implementing the stated internal controls and coordinating with the county's investment partners.
