Board of Estimate & Contract:
City Council:
AN ORDINANCE ADOPTING AN UPDATED
INVESTMENT POLICY FOR THE CITY OF
MOUNT VERNON AND REPEALING ALL
PRIOR INVESTMENT POLICIES
Whereas, by letter dated December 4, 2024, the Comptroller has requested legislation authorizing the City Council of the City of Mount Vernon to adopt the attached Investment Policy for the City of Mount Vernon, which is incorporated herein by reference and made a part of this ordinance as if fully set forth herein; and
Whereas, Sections 90 and 91 of the City Charter of the City of Mount Vernon designate the City's Comptroller as responsible for administering the City's cash management and investment functions; and
Whereas, the City's Investment Policy establishes guidelines and parameters for the prudent investment of public funds to safeguard investments, maintain liquidity, and achieve a reasonable rate of return; and
Whereas, research has revealed that the last formally adopted Investment Policy was before 2024, with updates to the designation of depositories and maximum deposit amounts made in 2015 by Comptroller Walker; however, the City has been unable to locate an official copy of the existing policy; and
Whereas, in compliance with New York State General Municipal Law, the City of Mount Vernon is required to adopt an updated Investment Policy to ensure proper management and security of City funds; and
Whereas, the City's Comptroller, in collaboration with financial advisors from Capital Markets Advisors, LLC, has developed a comprehensive Investment Policy that establishes written policies and procedures for identifying depositories, ensuring depository diversification, and regulating maximum deposit levels to safeguard City funds; and
Whereas, it is in the best interest of the City to adopt a clear, updated, and comprehensive Investment Policy to provide proper guidance to the Comptroller, protect public funds, and ensure compliance with a...
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