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Revision: 0 <br />TETON COUNTY ADMINISTRATIVE POLICIES <br />Date: <br />Investment Original Issue Date: 5/11/2015 <br />Number of Pages: 1 <br />Approved: BOCC <br />This policy is intended to establish guidelines for the management of operating funds, bond proceeds and <br />other funds accounted for in the financial statements for Teton County. Safety, liquidity and yield --in that <br />order --are the top three priorities of this policy. <br />1. Safe1y. Safety and protection of the principal monies is the foremost objective of the county's <br />investment program. <br />2. Liquidity. The investment portfolio shall remain sufficiently liquid to enable the county to meet <br />the current and projected cash flow requirements of Teton County. <br />3. Yield. The core of investments is limited to relatively low risk securities in anticipation of <br />earning a fair return relative to the risk being assumed. <br />Investment Committee. The county Treasurer is a custodian of the public confidence and is responsible for <br />investing idle and surplus monies. A two -person county Investment Committee is hereby established, <br />consisting of the Treasurer and one designated member of the Board of County Commissioners. <br />Standards of Care. The Standards to be used by investment personnel will be as provided in Idaho Code <br />Title 57. This concept will be applied in the context of managing the overall portfolio. <br />Ethics. Officers involved with the investment process shall refrain from engaging in personal business <br />activities affected by their duties and responsibilities as investors of public funds, that could conflict with the <br />proper execution and management of the investment program, or that could impair their ability to impartial <br />decisions. <br />Investment Guidelines. The Treasurer is authorized to work with individual financial institutions, or with a <br />licensed broker-dealer. However, all County funds must be placed into designated depositories as provided in <br />Resolution 2015-0511. Funds must also be invested in accordance with this Investment Policy and with Idaho <br />Code 67-1210. The benchmark investment for Teton County shall be the State of Idaho's Local Government <br />Investment Pool (State Pool), managed by the State Treasurer according to a duly adopted Investment Policy. <br />Operating monies for the County will continue to be held in an overnight sweep account. The balance may be <br />put into diversified investment accounts but such accounts must be structured to meet the reasonably <br />anticipated financial needs of the County, as determined by the Investment Committee. <br />Wherever possible, the Treasurer will diversify its investment portfolio in order to eliminate the risk of loss <br />resulting from over concentration of assets. In establishing specific diversification strategies, the following <br />general policies and constraints apply: <br />Portfolio maturities should be staggered in a way that avoids undue concentration of assets in a <br />specific maturity sector. Maturities that provide stability of income and reasonable liquidity shall <br />be selected. <br />2. Liquidity practices to ensure that the next disbursement date and payroll date are covered through <br />maturing investments or cash on hand shall be used at all times. <br />3. Securities should be purchased with the intent of holding them to maturity. <br />4. No more than 50% of the county's total funds shall be invested in any one institution, other than <br />in the State Pool. <br />Review of Policy. The Investment Committee shall review this policy at least once every two years to assure <br />consistency with overall objectives and current financial trends. <br />Reporting. The Treasurer shall provide periodic investment reports to the County Commissioners. The <br />reports shall provide a clear picture of the status of the current investment portfolio. <br />