Title
Resolution affirming the County Investment Policy.
Body
Recommended Action: Adopt the Resolution to affirm the County Investment Policy.
The County Investment Policy originally was adopted in 2000 and has been modified several times, most recently in 2012. There are two proposed updates detailed below. The policy has been approved by the state's Municipal Investment Board, which gives the County access to investment vehicles not authorized by state law for local governments whose investment policies are not state-approved. Sedgwick County is one of nine governments throughout Kansas that have state-approved investment policies.
One provision of the investment policy requires an annual review by staff and modification as may be necessitated by changing conditions. The review has been performed, and two changes, as mentioned above, of existing policy are necessary or recommended.
RECOMMENDED CHANGE 1
On Page 8, Section 3 c of the attached policy; removed the location of Federal Home Loan Bank, which restricted the County to only use the Federal Home Loan Bank located in Topeka, KS. Several large banks have their headquarters throughout the US and use Federal Home Loan Banks located in other cities such as Atlanta, Des Moines, Boston, etc. There are 11 locations in total. The banks perform the exact same function, the only difference being location.
RECOMMENDED CHANGE 2
On page 9 of the attached policy; the chart of Investment Type, Under Certificate of Deposit, the percentage changed from 5% to 15%. In the past several years, the County has had two or three banks respond to the bid request. Increasing the percentage would allow finance to invest the County's money with the local banks that respond to the County's request for bid. Other municipalities in KS, such as Wyandotte County allow for 30%.
Nevertheless, as a condition of continued state approval, the Municipal Investment Board requires that the governing body take action e...
Click here for full text