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Council previews investment policy aimed at diversifying beyond state PTIF; formal adoption set for next meeting
Summary
Staff presented a draft investment policy that would allow limited diversification beyond the State Treasurer's PTIF, emphasizing safety, liquidity and yield; council members asked about local bank usage, performance metrics and conflict-of-interest safeguards. Adoption was moved to the Dec. 17 meeting for further review.
City staff presented a proposed investment policy intended to give South Ogden the option to diversify some city funds beyond the State Treasurer’s Public Treasurers’ Investment Fund (PTIF). Peter, who led the presentation, said the draft is intended as a best-practice framework that sets concentration limits, conflict‑of‑interest checks and performance objectives.
"The three objectives of this policy are to keep our money safe, to maintain liquidity and to maximize our yield while minimizing our risk," Peter said, outlining the policy’s priorities and the conservative issuer limits included in the draft.
Council members asked practical questions: which firms or banks would be used, whether local community banks could play a role, and how staff would benchmark any vendor’s results against the PTIF. Peter said all current funds are held in the State Treasurer’s fund and that any move to an external manager would require attorney review and a contract; staff suggested a decision timetable of roughly 60 days after council direction.
No vote was taken. Staff asked councilors to review the draft and return it for adoption at the council’s next meeting (scheduled discussion/debate noted for Dec. 17).
