Questions surround proposed city investment policy

By Martha Stoffel

O’FALLON – Discussion surrounding the proposal for an updated City Investment Policy continued at Tuesday evening’s O’Fallon City Council meeting from last week’s Finance and Administration Committee meeting. 

Public comment at last week’s meeting was not allowed due to time constraints. Resident Charlie Pitts addressed the council about an email he sent to them following the committee meeting with some questions he had regarding the policy, and he urged council members to send the policy back to committee. Alderman Matthew Gilreath made a motion to send the policy back to committee to allow for residents to provide their feedback and ask questions that the city council meeting does not allow. 

There were questions from council members regarding the timing necessary to get the new policy approved to generate, receive and review Requests for Proposals (RFPs) for the reinvestment of some CDs that expire December 1, 2018. After determining a Finance and Administration committee meeting would be scheduled next week to accommodate for more discussion from council members and the public prior to a second reading of the policy during council, Gilreath withdrew his motion. 

 The city is planning to issue requests for proposals (RFPs) soon for banking/financial services and investing services, and an updated policy was recommended. Staff is also proposing RFPs to be reviewed by an advisory investment committee to make recommendations to the city council.

Further review from the city attorney, and possible consultation with a municipal finance lawyer, was requested by Treasurer David Hursey and other council members regarding the naming of the fiduciary authority and investment officer. 

The original motion to amend Chapter 31 of the Code of Ordinances regarding the City Investment Policy passed on first reading with 10 ‘yes’ votes, a ‘no’ from Alderman Jerry Albrecht, and a ‘present’ vote from Alderman Gilreath. Aldermen Dan Witt and Mark Morton, both members of the Finance and Administration Committee, were absent. The policy will be discussed at a Finance and Administration committee meeting Monday, September 10 at City Hall at 7 p.m.