HUNTINGTON BEACH : Council to Set Up Investment Board
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The City Council at a study session last week agreed with the city treasurer’s recommendations to revise the city’s investment policy and to form a citizens’ investment advisory board.
The council is expected to formally approve the revised policy and advisory board creation later this month. .
City Treasurer Donald L. Watson said the investment policy provides guidelines for the prudent investment of city money.
The policy outlines the types of investments the city can make and calls for annual council reviews. Watson said revisions also were made to make the policy easier to understand.
A proposed addition to the policy includes forming the seven-member advisory board to oversee city investments.
Councilman Ralph Bauer said by creating the board, “citizens will have oversight over their money. The more public things like that are, the less likely mistakes are made.”
The board would review and analyze investment policy and ensure that investments are in compliance with the city’s policy. Board members, who will be selected by the council, must be knowledgeable about investment and banking management and securities markets.
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