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GFOA Best Practice — Investment Policy <br />■ Authorized financial institutions, depositories and broker/dealers: <br />Establish a process for creating a list of financial institutions, <br />depositories, and broker/dealers that will provide the primary <br />services necessary for executing the investment program. <br />In our policies, Section IX entitled "Authorized Investment Institutions and <br />Dealers" require extensive vetting and documented proof of certifications, <br />state registrations and audited financial statements. Approval by the <br />Investment Advisory Committee is also required. Additionally, Section XI of <br />the Board Surplus Investment Policy covers the requirements for the Clerk to <br />execute agreements with banks etc. <br />GFOA Best Practice — Investment Policy <br />■ Risk and performance standards: Establish one or more appropriate <br />benchmarks against which the portfolio should be measured and <br />compared. <br />■ In Section VII of the policy, the yield of the one-year Treasury at a constant, <br />fixed maturity is established as the benchmark for investment of County <br />funds. In the OPEB Investment Policy, Section VII defines the appropriate <br />benchmarks for the short-term portion and the long-term portion of the <br />portfolio. <br />r <br />P1173.5, <br />