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Board reviews updated investment policy draft and looks at quarterly fiscal reporting
Summary
A board member presented a redraft of the town's investment policy (including appendix approach for referenced documents) and proposed quarterly/rolled‑up monthly financial reporting to improve oversight; the board asked staff to assemble appendices, confirm repos and check with the comptroller and CFO before moving forward.
A board member described a redraft of the town's investment policy that borrows language from the comptroller's office and suggested including referenced documents as an appendix so they can be updated without rewriting the policy.
"I took the opportunity to redraft it drawing largely on... a sample policy from the comptroller's office," the speaker said, noting the draft would include an appendix listing approved financial institutions, depositories, bonding/official undertaking and internal control procedures. Members asked the author to work with the town's chief financial officer to locate and prepare internal control procedures and to confirm whether repos should remain in policy to allow investment through New York CLASS accounts.
Separately, the board discussed fiscal reporting improvements. One member proposed providing a rolled‑up monthly revenue/expense summary and quarterly balance sheets to increase oversight and offer the public an easily understandable snapshot. The board agreed to ask the contract accountant for sample Q1 materials by the end of April, consider whether this work requires an extra meeting or can be handled in a regular work session, and refine formats before sharing any public summaries.
