O’FALLON – The city’s updated investment policy is headed back to the Finance & Administration Committee one more time, after the Council decided a few, minor changes were still needed before a second reading.
City staff was recommending an update to the policy to align it with state statutes and more clearly define the policies and procedures of the city’s investments. The city is planning to issue requests for proposals (RFPs) soon for banking/financial services and investing services, and it was recommended to update the policy to potentially get more favorable rates.
Staff is also proposing RFPs to be reviewed by an advisory investment committee to make recommendations to the city council.
The motion to return the ordinance to committee was made by Alderman Matthew Gilreath, seconded by Alderman Jerry Albrecht and was approved by a vote of 11-2. Voting against the motion were Aldermen Rich Meile and Andrew Lopinot. Alderman Mark Morton was absent.
Alderman Dan Witt, a member of the Finance Committee, stated he felt it would be a good idea to go back to the committee with “new suggestions from tonight, and give everybody a chance to read it (the policy) then bring it back.”
The question was raised again as far as a timeline to get the new policy approved, and city staff indicated waiting an additional two weeks for the committee and city council meetings would not be an issue. A timeline because of CDs set to expire in December was noted at a previous meeting.
An amended policy will be reviewed and discussed at the next Finance & Administration Committee meeting, to be held Monday, September 24 at 7 p.m. at City Hall.