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Council adopts city investment and depository policy
Summary
Urbana City Council unanimously adopted Ordinance 4636-26 to establish an Investment and Depository Policy; Director of Finance said the policy permits conservative treasury investments consistent with the Ohio Revised Code and will enable monthly portfolio reporting to Council.
Urbana City Council voted 6–0 on July 21 to adopt Ordinance 4636-26, the City’s first formal Investment and Depository Policy.
Director of Finance Matt Wellbaum told Council that until now the City operated under basic charter guidelines without a written policy; the new policy allows for conservative treasury investments to improve yields while remaining regulated under the Ohio Revised Code. Mrs. Bean said the policy "seems very sound" and asked about monthly portfolio reports; Mr. Wellbaum said he will bring monthly reports to Council once the policy is in effect.
Mr. Scott moved to put the ordinance on the floor, Ms. Truelove seconded, and the roll call vote on passage was 6–0 (Mr. Davis, Ms. Truelove, Mr. Thackery, Mrs. Bean, Ms. Jumper, and Mr. Scott voting yes). The ordinance passed on third reading, and no amendments were recorded during the session.
