Legislation Details

File #: 09-2196    Version: 5 Name: Joint resolution for approval of revised Lake County Investment Policy.
Type: resolution Status: Passed
File created: 11/18/2009 In control: Revenue, Records, and Legislation Committee
On agenda: Final action: 2/9/2010
Title: Joint resolution approving the revised Lake County Investment Policy.
Attachments: 1. INVESTMENT POLICY draft 1_21_10 amend.doc, 2. INVESTMENT POLICY ORIGINAL 2002.doc, 3. Final approved Cash Investment Jan_10

Title

Joint resolution approving the revised Lake County Investment Policy.

Staff Summary

•                     This policy applies to the investment activities of all funds of Lake County.

•                     It is in Lake County’s best interest to make periodic changes to the invest policy to ensure relevance with changing economic conditions and changes in technology.

•                     The Treasurer’s Office staff met with F.A.S. before considering these changes.

•                     Changes recommended include:

o                     Updating types of investments to include Illinois Metropolitan Investment Fund (IMET).

o                     Updating collateral agreement to include the use of technology to monitor collateral as well as modifying acceptable types of collateral.

o                     Updating year end reports from financial institutions to include Lake County External auditor’s confirmation requests.

o                     Updating Internal Control-Duties and Responsibilities to include current job titles.