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Spearman ISD board adopts annual investment policy for 2024-25
Summary
The Spearman I.S.D. Board of Trustees voted 6-0 on Sept. 9 to adopt the district's Annual Investment Policy for 2024-25, designating the superintendent as the district's investment officer under Chapter 2256 of the Texas Government Code.
The Spearman Independent School District Board of Trustees voted Sept. 9 to adopt the district's Annual Investment Policy for the 2024-25 year. Board Secretary Scott Sonnenberg moved that "the board adopt the District's Resolution of our Annual Investment Policy," and Trustee Abby Pipkin seconded; the motion carried 6-0.
The resolution (Exhibit A) adopts the written investment policy consistent with Chapter 2256, Texas Government Code, and names the superintendent as the district's investment officer. The policy specifies authorized investment types (including obligations of governmental entities, certificates of deposit, fully collateralized repurchase agreements and public funds investment pools), sets a maximum stated maturity of three years for individual investments unless the board authorizes a longer maturity, and requires quarterly monitoring of market prices and ratings. The policy language also requires an annual review by the board and an annual compliance audit as part of the district's financial audit.
The adoption formalizes the district's investment authority and internal control expectations for custodial, operating, debt service and capital project funds and documents practices for safekeeping, custodial receipts, and solicitation of bids for certificates of deposit.
