City of Oak Creek

Common Council Report

Meeting Date: 05/02/06

Item No.:        

Recommendation: That the Common Council adopt Resolution No. 10636-050206, A Resolution Rescinding Resolution No. 9208-061796, and Restating the City’s Investment Policy.

Background: 

While researching potential financial depository information, the City Clerk and City Treasurer reviewed the City’s investment policy to be sure it contained the most accurate statement of the City’s guidelines for investment of City funds.  The policy had not been updated since 1996, and since there has been no active Finance Committee for nearly three years, the policy was in need of attention.  The attached document is a re-statement of the City’s policy, which includes current Wisconsin Statutes references and clearer statements of the City’s requirements relative to investment of City funds.  References to the Finance Committee have been left in the policy, but unless a regularly operating committee can be again be established, the City Clerk and City Treasurer will continue to serve in the capacity of monitoring the policy and implementing the policy’s guidelines.

Fiscal Impact: 

There is no fiscal impact from approving the policy.  The fiscal impact of having an appropriate policy in place is that City funds are protected to the maximum ability.

Prepared by and fiscal review by: Beverly A. Buretta, CMC City Clerk/Comptroller

Respectfully submitted, Patrick DeGrave, PhD City Administrator