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Council delays investment advisory and Texas Connect decisions until investment policy is finalized
Summary
After a presentation by Philip Jones of METER Public Funds, council decided to postpone approval of an investment advisory agreement and participation in Texas Connect until a redlined investment policy is reviewed and adopted; the items were tabled to the April 7 meeting.
Glenn Heights staff introduced a proposal to contract with METER Public Funds for investment advisory services and to participate in the Texas Connect liquidity pool. Philip Jones, METER Public Funds adviser, told council the firm advises more than 400 public entities and noted METER manages or provides advisory support for local government investment pools. "Our goal... is just to provide safety and stability within a portfolio while trying to maximize the interest revenue that the city can't earn," Jones said.
Council members raised concerns about approving an advisory agreement before the city’s investment policy is finalized. City Attorney McKee recommended postponing the agreement until the council had an opportunity to review a redlined investment policy. On that basis a motion to table the resolution authorizing the advisory services agreement and the related Texas Connect participation passed; staff will return with the redlined policy and the two items will be considered together at the next council meeting.
