Title
Consider a memorandum/resolution to approve revisions to the City of Killeen's Investment Policy.
Summary
DATE: July 19, 2022
TO: Kent Cagle, City Manager
FROM: Jonathan Locke, Executive Director of Finance
SUBJECT: Revisions to the City of Killeen's Investment Policy
BACKGROUND AND FINDINGS:
Texas Government Code, Chapter 2256, commonly referred to as the Public Funds Investment Act, governs the investment of public funds. The act requires the governing body to adopt an investment policy. The City's Investment Policy is incorporated into the Financial Governance Policy that is reviewed and readopted annually. The most recent version of the Financial Governance Policy was approved by City Council on February 22, 2022.
The Assistant Director of Finance position was added to the Finance Department during Fiscal Year 2021. The position acts on behalf of the Executive Director of Finance in his or her absence and is involved in the daily operations of the department. The Finance Department recommends incorporating the Assistant Director of Finance into the City's investment program.
The Investment Committee met on June 21, 2022, and approved revisions to the City's Investment Policy. There were three approved changes that incorporates the Assistant Director of Finance into the City's investment program. The changes include the following:
1) Section C. Investment Committee, 1. Members: The Investment Policy establishes the members of the Investment Committee as the Mayor, or designee, the City Manager, or designee, the Executive Director of Finance, the Controller, and a member designated by the Executive Director of Finance. The recommended revision is to remove a member designated by the Executive Director of Finance and replace with the Assistant Director of Finance.
2) Section D. Responsibility and Control, 1. Delegation: The Investment Policy identifies the positions that are investment officers. Only investment officers are authorized to...
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