FULLERTON : Investment Policy Approved by Council
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A new policy regulating the city’s participation in government investment pools has been approved by the City Council.
The policy limits the city’s ability to invest in state and other government funds and creates an investment oversight committee.
The committee will include a City Council member, three residents who have professional financial management experience, the city manager, the director of administrative services and the city treasurer. The three residents will be appointed by the council to serve three-year terms.
Meetings will be held by the committee four times a year to review the city’s investments and to develop and carry out ongoing investment policies.
Officials said the policy was drafted after the failure of Orange County’s investment pool, in which the city had $22 million invested when the county declared bankruptcy Dec. 6.
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