Subject:
Title
Updates to the Investment Policy.
label
Recommended Action:
Recommended Action
Approval of proposed changes to the Pinellas County Board of County Commissioners Investment Policy.
Body
Strategic Plan:
Not Applicable - Investment of funds within the County policy is a role of the Comptroller.
Summary:
Summary
Approval of changes to the policy to comply with recent legislative changes {House Bill 3} and to allow investment in overnight sweep accounts.
Body
Background Information:
Addition to Section 5.0 Investment Authority (Page 5):
5.3 Investment Decisions: Pursuant to Section 218.415 (24), Florida Statutes, investment decisions shall be based solely on pecuniary factors.
Modification to Section 8.1 Summary of Key Limitations on Authorized Investments (Page 8):
Section I. SEC-registered Money Market Funds.
Increase the Portfolio Maximum from 10% to 50%, and,
increase the Issuer Limitation from 10% to 30%
Fiscal Impact:
None
Staff Member Responsible:
Ken Burke, Clerk of the Circuit Court and Comptroller
Jeanette L. Phillips, CPA, CGFO, Chief Deputy Director, Finance Division, Clerk of the Circuit Court and Comptroller
William E. Seiter, CPA, Assistant Director, Finance Division, Clerk of the Circuit Court and Comptroller
Partners:
Pinellas County Investment Committee
Attachments:
Pinellas County BOCC Investment Policy Final
Pinellas County BOCC Investment Policy RED LINED DRAFT