Submitted By
Steve Drazner, CFO
Reviewed By
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Agenda Item Title
Title
A Resolution Approving and Adopting a Village of Oak Park Investment Policy
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Overview
Overview
Per the Illinois Public Funds Investment Act (IPFIA), 30 ILCS 235/0.01 et seq., municipalities must have a written investment policy governing the parameters for investing taxpayer funds. The current Village Investment Policy on file with the Finance Department is undated and it is unclear whether it was ever formally adopted by the Board. The new recommended Investment Policy for Board consideration is not materially different from the existing Policy with one exception as noted below. The Policy is derived from the conditions, restrictions, and guidelines found within the Illinois Public Funds Investment Act.
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Recommendation
Recommendation
Adopt the Resolution.
Background
Municipalities in Illinois are required to have a formal investment policy which sets forth guidelines for the safeguarding and investment of taxpayer funds. The Investment Policy presented for formal Board adoption as part of this agenda item utilizes the guidelines pursuant to the State's Illinois Public Funds Investment Act statute for outlining the conditions and restrictions which the Village must follow when investing taxpayer funds.
There are no material or significant changes between the existing undated policy on file with the Finance Department and the updated and recommended Policy included with this agenda item for Board consideration and approval. However, one recent change under the Illinois Public Investment Act now requires that a municipality include some form of the following language within its policy:
"Material, relevant, and decision-useful sustainability factors have been or are regularly considered by the village, within the bounds of financial and fiduciary prudence, in evaluating investment decisions. Such factors include but are not limited to corporat...
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