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Board flags investment policy for update, cites internal-control gaps
Summary
A board member said Shelter Island's investment policy appears to date from 2006 and urged an internal-controls refresh; the board agreed to place the item on this year's agenda for revision.
During a review of the town’s investment policy, a council member said the document appears outdated and lacks explicit internal controls. "It looks like this investment policy is from 2006, and it does need an update specifically in part 6 internal controls," the council member said, urging the board to schedule a refresh.
Board members agreed to place an update on the town board’s agenda for the year so staff and officials can revise internal-control language and modernize the policy. No formal amendments to the policy were adopted at the meeting; members recorded the intention to revisit the policy definitions and internal control language.
