O’FALLON – City Council approved the final, amended version of the city’s new investment policy Monday night that was approved by the Finance and Administration Committee last week. Discussions regarding the new policy have been ongoing since August.
The new policy creates an advisory investment committee consisting of the Treasurer, Mayor, Director of Finance, City Administrator and the chair of the Finance & Administration Committee, as well as identifies the Director of Finance as the chief investment officer.
The city will issue Requests for Proposals (RFPs) in the near future for banking/financial services and investing services. The update to the policy aligned it with state statutes and more clearly defined the investment policies and procedures of the city, something that is looked favorably by bond rating companies.