PLACEMENT: Departmental
TITLE:
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APPROVE MODIFICATIONS TO THE INVESTMENT POLICY AND ADOPT A RESOLUTION TO INCORPORATE CHANGES ACCORDINGLY
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EXECUTIVE SUMMARY:
executive summary
The Board of County Commissioners (Board) approved modifications to the Martin County (County) Investment Policy (Policy) on February 3, 2009. The Policy follows Florida Statutes which have been modified over the past ten years. The proposed Policy revisions are primarily focused on 'cleaning-up' language, providing for consistency and bringing the Policy up-to-date with current rules and regulations.
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DEPARTMENT: Administration
PREPARED BY: Name: Taryn G. Kryzda
Title: County Administrator
REQUESTED BY: Carolyn Timmann, Clerk of the Circuit Court and Comptroller
PRESET: 9:30 AM
PROCEDURES: None
BACKGROUND/RELATED STRATEGIC GOAL:
Martin County initially adopted the County's Investment Policy in 1994. Since that time, the Policy was modified in 2003 and 2009. The Clerk of the Circuit Court and Comptroller, (Clerk) has been working with the County's Investment Advisor (Advisor), Mr. Greg Warner, Hilltop Securities Asset Management, to revise the Policy. The proposed revisions are based upon changes to the statutes and trends that the Advisors have seen for public entities similar to the County and allowing for maximum return with limited risks.
Changes to the policy are as follows:
* Performance Measurement - adding comparison measures for short-term and long-term investments.
* Prudence and Ethical Standards - including a statement on employees involved in the investment process to provide full disclosure to the Clerk.
* Authorized Investments - establishing percentages to limit amount of investment in various investment funds and include limitations on maximum maturity. Adding a provision for investing in commercial paper, corporate and municipal bonds.
* Removal of prior language for portfolio composition and risk and diversification sections - modify...
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