To: Board of County Commissioners
Through: Michael Westerberg, Treasurer, Treasurer's Office
Prepared By:
prepared
Ben Swartzendruber, Sr. Assistant County Attorney
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Subject:
title
Treasurer Annual Financial Institution and Investment Policy Resolution
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Purpose and Request:
recommended action
The Treasurer requests the Board of County Commissioners approve the financial institution and investment policy resolution accompanying this report.
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Background and Discussion: The Board annually adopts a resolution establishing the banks and other institutions where county funds can be deposited by the Treasurer. The Board also, on various occasions, has authorized the Treasurer to invest county funds in certain securities as allowed by state statute, subject to certain conditions. Over the years, various conflicting resolutions have been adopted on the investment policy. In an effort to remove any conflicts and combine the depository and investment policy resolutions into a single combined resolution to be considered by the Board annually, the Treasurer, with the assistance of the County Attorney's Office and Finance Department, has combined and updated the annual depository resolution and investment policy into a single resolution rather than referencing outdated resolutions from the past. The Treasurer discussed the updated resolution and investment policy with the Board at recent study sessions and the Board approved adding the resolution to the consent agenda.
Alternatives: If the Board fails to approve the resolution, the Treasurer would be forced to attempt to comply with outdated and conflicting prior resolutions on these issues.
Fiscal Impact: Approving the resolution would provide clarity to the Treasurer and allow the Treasurer to invest county funds in appropriate securities with returns that are more in line with the County's current preferences.
Alignment with Strategic Plan:
?Be fiscally sustainable
?Provide essential and ma...
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