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Town Board adopts investment and procurement policies setting thresholds for purchases and investments
Summary
Caroline’s board approved an investment policy limiting permitted securities to state and federal obligations and set procurement thresholds: purchases over $20,000 or public works over $35,000 require formal bids, with lower thresholds requiring multiple quotes or RFPs.
The Caroline Town Board adopted a town investment policy (Resolution 16) that instructs the Supervisor to invest town funds in instruments intended to minimize risk and align maturities with cash needs. Permitted investments listed include obligations of New York State and the United States, certificates of deposit, time deposit accounts, and repurchase agreements limited to U.S. obligations. The resolution requires collateralization and quarterly monitoring when appropriate.
The board also adopted a Procurement Policy (Resolution 17) referencing General Municipal Law Section 104-b and Section 103. The procurement guidance sets formal bid requirements for purchases over $20,000 and public works over $35,000; purchases under $20,000 but at or above $5,000 require a written RFP and quotes from three vendors, with lower thresholds requiring two quotes or discretionary documentation. The policy specifies sole-source and emergency exceptions and directs that the "lowest responsible proposal or quotation shall be awarded" unless a written justification is attached to the voucher.
