OPERATIONAL OVERVIEW
FY 2026
13. The Chief Financial Officer, in coordination with the County’s financial advisor shall be responsible for maintaining relationships with the rating agencies that currently assign the ratings to the County’s various debt obligations. 14. The County is committed to full and complete financial disclosure, and to cooperating fully with rating agencies, institutional and individual investors, other levels of government, and the general public to share clear, comprehensive, and accurate financial information.
INVESTMENT POLICIES:
General:
1. The primary objective of investments is safety, liquidity, and return on investment.
2. The Department of Budget and Finance shall be responsible for all transactions undertaken and shall establish a system of controls to regulate the activities of subordinate officials.
3. Officials and employees involved in the investment process shall refrain from personal business activity that could conflict with proper execution of the investment program, or which would impair their ability to make impartial investment decisions. 4. The Department of Budget and Finance shall maintain a list of approved security brokers/dealers selected by creditworthiness who are authorized to provide investment services in the State.
5. The County will diversify to avoid incurring unreasonable risks inherent in over investing in specific instruments, individual financial institutions, or maturities.
6. The security transactions, including collateral for re-purchasing agreements, entered into by the County shall be conducted on a delivery-versus-payment basis.
7. Collateralization is required on certificates of deposit and repurchase agreements and must be equal to at least 102% of market value of principal and accrued interest.
Pension:
1. The portfolio’s total value of assets should grow, net of payout, at a rate equal to or greater than the rate of inflation on a rolling three-year basis.
2. Performance and allocation are reviewed to determine if target weightings meet the current risk profile.
3. Investment managers will be reviewed on a quantitative basis in the form of quarterly reports to be provided by the advisor.
4. The pension committee and its advisor shall monitor the overall performance of the portfolio to ensure that it meets objectives. Rebalancing will occur at least annually back to policy targets.
2026 Budget Document
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