Finance committee reviews investment policy; staff aim for certification and fuller reporting

The clerk-treasurer told the committee the city's 2023 investment policy scored 78 out of 100 on an initial review by APT USNC and that staff plan to add clarifying language so the policy could achieve certification by a standards group such as GFOA or APT USNC. "It would be nice to have a certified investment policy," she said, adding the suggested changes are primarily clarifying language rather than substantive policy shifts.

Committee members asked how investments are tracked and where the committee can see interest income by fund. The clerk-treasurer said investments are reflected on appropriation and revenue summaries and on bank statements; she told the group she would prepare a more detailed fund-level investment report. She also described working with an investment manager on bond portfolios and cited a forecast that a Rhodes Project bond could produce roughly $2,000,000 in interest on a $30+ million bond over a two-year cycle. "We have, I think, about 9,200,000 right now that's invested" for the RDC and discussed roughly $23,000,000 in treasuries and about $63,000,000 in liquidity accounts, for an aggregate in the range of $80–85 million.