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A Motion to Discuss the Investment, Fund Balance, Improper Payment, Debt Management, and Purchasing and Credit Card Policies and to Review the Associated Investment Operations Standard Operating Procedure (SOP)
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Introduction
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The Finance Committee is asked to review a coordinated package of five financial governance policies and the associated Investment Policy implementation SOP and recommend the five policies to the Village Board for adoption.
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Recommended Action
Staff recommends that the Finance Committee recommend Village Board adoption of the Investment Policy, Fund Balance Policy, Improper Payment Policy, Debt Management Policy, and Purchasing and Credit Card Policy. The Committee is also asked to review and provide feedback on the Cash Management and Investment Operations SOP, which is an administrative implementation document to be approved by the Village Manager following adoption of the Investment Policy.
Prior Board Action
Relevant prior Board and Finance Committee actions and existing policy history include:
* Investment Policy: The Finance Committee reviewed the proposed Investment Policy on August 6, 2026, including sustainability, Village values, transparency, and implementation. The revised policy and associated SOP return in response to that discussion. The Village previously had an investment policy in draft form, but it had not been formally adopted by the Village Board.
* Fund Balance: The Village's current fund balance framework is reflected in the ACFR, which is presented annually to the Village Board. The ACFR establishes a 10%-20% target for unassigned General Fund balance and delegates authority to assign fund balance to the CFO. The proposed policy expands this existing framework into a standalone, Village-wide reserve policy.
* Debt Management: The Village Board has regularly acted on debt through individual borrowing authorizations, bond ordinances, annual budget and tax levy ...
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