Investment Policies

Introduction

Every city and county has an investment policy.  Even if your finance department has not consciously developed and had it adopted by the city council, any jurisdiction that has investments has an ad hoc policy, which is the result of the individual investment decisions made in the past.  The investment instruments that you currently hold have certain maturities, yields, liquidities, safety, etc.   However, they may not be what your jurisdiction would choose if it looked at the overall picture. Having an investment policy is not only a good financial practice, it also provides protection for elected officials and staff by spelling out goals and responsibilities.

Background Information

• "Broker Dealer Questionnaire," Chicago: Government Finance Officers Association, no date. Library Loan Request Form
• Commercial Paper Investment Policy For State and Local Governments from Washington State Investment Board - Board Adopted Policies, 2/18/99.
• "Developing Investment Policies," by Bonnie R. Kraft, from Cash Management for Small Governments, Chicago: Government Finance Officers Association, 1989. Library Loan Request Form
• An Elected Official's Guide to Investing, by M. Corinne Larson -- Chicago : Government Finance Officers Association, 1996.; 95 p. [F 5.7100 E54 1996**] Library Loan Request Form
• Eligible Investments for Public Funds, Olympia: State of Washington, Office of the State Treasurer.
• "Investment Policies," from Investing Public Funds, by Girard Miller, Chicago: Government Finance Officers Association, 1998. Library Loan Request Form
• "Selection of Investment Advisors for Non-Pension Fund Assets," ( 21kb) GFOA Recommended Practice, (2003)
• "What you don't know can hurt you: A Manager's Checklist, Treasury Management Questions," by Girard Miller, no date. Library Loan Request Form

Investment Policies

(Note: All the policies listed below have been certified by the Washington Municipal Treasurers Association (WMTA). For more information on how to get your policy certified, visit the WMTA Web site.)

• City of Bellevue, WA Investment Policy, May 1998. ( 3.55 MB) Chapter XIV, "Investment Policy."
• Clallam County, WA Investment Policy ( 81kb)
• Clark County, WA Investment Policy, May 2000 ( 99kb)
• City of Clyde Hill, WA Investment Policy, July 1998.
• City of Duvall , WA Investment Policy, March 2001
  WMTA Review Committee Checklist ( 1,126kb)
• Town of Friday Harbor, WA Investment Policy, December 1997.
  Town of Friday Harbor, WA Resolution No. 1096 adopting a policy for investment of Town funds, December 1997.
• City of Kenmore, WA Investment Policy, June 2001
  WMTA Review Committee Checklist ( 1,478kb)
• Town of Marcus, WA Investment Policy, June 2002 ( 59kb)
  WMTA Review Committee Checklist ( 71kb)
• City of Othello, WA Investment Policy, January 2003 ( 830kb). Includes investment procedures and broker-dealer questionnaire in appendices.
• City of Port Angeles, WA Investment Policy, August 2001
  WMTA Review Committee Checklist ( 1,251kb)
• City of Poulsbo, WA Investment Policy, January 2001
  WMTA Review Committee Checklist ( 1,311kb)
  (This policy has also been certified by the Association of Public Treasurers' of the United States and Canada.)
• City of Seattle, WA Statement of Investment Policy, 1999.
• Spokane County, WA Treasurer's Investment Policy ( 135kb), 2001.
  (This policy has also been certified by the Association of Public Treasurers' of the United States and Canada.)
• Whatcom County, WA Treasurer's Office Investment Policy, 2000 ( 53kb)
• Whitman County, WA Investment Policy, October 2001
  WMTA Review Committee Checklist ( 1,137kb)
• City of Woodinville, WA Investment Policy, 2001
  WMTA Review Committee Checklist ( 1,026kb)
• Yakima County, WA Investment Policy, 2001
  WMTA Review Committee Checklist ( 1,070kb)
• GFOA Sample Investment Policy
• GFOA Appendix 1: Glossary of Cash Management Terms (This investment policy has been replaced by the one in the link above. However, we are leaving it up because the new policy has no glossary of terms.)
• APT US&C Investment Policy Certification Program, a publication including: 1) Application Form for a Written Investment Policy Certification;   2) Model Investment Policy;   3) Glossary of terms;   4) Appendix: Guidelines for an Investment Procedures Manual.