Background/Discussion
The City's Investment Policy was last revised in October 2023. Following review of the policy, corrections and revisions were made to the policy requiring that it be adopted in its revised form.
The proposed revised policy introduces a significant adjustment to institutional deposit limits, increasing the maximum amount of deposits held in any single financial institution or designated custodial agency from the previous threshold of $40 million to $60 million per institution. This enhancement provides necessary flexibility to navigate market conditions effectively and accommodate timing of project spend.
The policy will continue to be reviewed at least every three years to strengthen the policy's operational effectiveness and ensure alignment with current best practices or standards.
A "redline" copy of the proposed policy is included, showing the changes recommended in the policy along with a clean, final copy of the proposed revised policy.