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Board reviews updated investment policy draft, flags depository and collateralization details
Summary
A board member walked through a revised investment policy based on state comptroller guidance and recommended attaching procedural appendices; points for follow-up included depository lists, collateralization method, permitted investments, and checking official undertaking coverage with the insurance broker.
A board member who drafted edits to the towns investment policy presented a revised framework informed by guidance from the state comptroller's office. She recommended attaching an appendix containing depository lists, written internal controls, and a schedule of procedures to simplify annual reviews and to provide clarity on permitted investments and collateralization methods.
Among the flagged items were verification of the town's official undertaking/bonding with its insurance broker, removing complex instruments (such as repos) from the permitted list for a small municipality, establishing diversification limits and transfer time expectations (the comptroller suggested 10 days as a standard), and creating a standing appendix for easily updated operational details.
Board members agreed to continue review and to place the policy back on the agenda for further edits once staff verifies depository names and insurance coverage.
