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GFOA Best Practice— Investment Policy <br />The GFOA Best Practice on Investment Policy contains eight (8) key <br />provisions: <br />■ Scope and investment objectives: Tailor the scope and investment <br />objectives to the type of investment to which the policy applies (e.g. <br />excess operating funds, bond proceeds, capital needs, etc) <br />■ In our investment policies, sections I and II, we cover the <br />Overview and Purpose of the Policy and the Objectives of <br />investment activities. The OPEB policy has both a short-term <br />objective and a long-term objective specifically stated. <br />Items of Note <br />■ Roles, responsibilities and standards of care: Identify the roles of all <br />persons involved in the investment program by title and <br />responsibility. Standards of care should include language on <br />prudence (i.e. the prudent person rule), due diligence, ethics and <br />conflicts of interest, delegation and authority and knowledge and <br />qualifications. <br />■ In our policies, sections III and IV cover the Delegation of Authority and <br />Oversight Procedures and Prudence, including specifically stating the <br />"Prudent Person Rule". <br />P 1gJ-A <br />