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Council adopts updated investment policy and authorizes METER advisory agreement
Summary
Glenn Heights approved changes to its investment policy to extend allowable maturities and set portfolio limits, then authorized an advisory agreement with METER Public Funds to manage investment strategy and compliance. Council also approved joining the Texas Connect investment pool.
The Glenn Heights City Council on April 7 adopted updates to the city's investment policy and approved an investment advisory services agreement with METER Public Funds.
Finance Director Sherry Roberts explained the changes: the city extended maximum allowable security maturities from three to five years, added language setting portfolio maximums for commercial paper, and formalized an investment committee composed of finance and management staff. Roberts said the changes were developed with METER and other advisors. "The first change...is to remove commercial paper out of that first paragraph," she told the council, then outlined new commercial‑paper portfolio limits and benchmarking to the two‑year constant‑maturity Treasury.
Philip Jones of METER outlined services the firm will provide — cash‑flow analysis, portfolio construction, compliance checks and reporting — and said the advisory program would position a core portfolio for a roughly two‑year average maturity. Council approved resolution R‑10‑26 adopting the investment policy and resolution R‑06‑26 authorizing the advisory agreement, both by 7–0 votes. Council also authorized participation in the Texas Connect investment pool (R‑07‑26) as an additional liquidity vehicle.
