The objectives of the district’s investment policy are to safeguard district funds and to minimize risk, to ensure that investments mature when cash is required to finance operations and to ensure a competitive rate of return.
The Board of Education authorizes and directs the Business Administrator to invest the balances available in various district funds in accordance with regulations set forth in state law. The Business Administrator will seek to maximize the revenue from investment of district funds, taking into consideration safety, liquidity, and yield. The Business Administrator will develop a cash flow chart to assist in borrowing and investment functions.
In accordance with this policy, the Treasurer or his/her designee is authorized to deposit all funds, including proceeds of obligations and reserve funds, in time-deposit accounts, certificates of deposit, short-term government securities, repurchase agreements or other investment instruments permitted by law, subject to the investment regulations approved by the Board.
To the extent feasible, investments and deposits shall be made in and through local or regional financial institutions. Concentration of investments in a single financial institution should be avoided. Diversification of investments and deposits is encouraged.
This policy will be annually reviewed by the Board and may be amended from time to time in accordance with the provisions of section 39 of the General Municipal Law.
Education Law §§1604-a; 1723-a; 3651; 3652
Local Finance Law §165.00
General Municipal Law §§6-c-6-e; 6-j-6-n; 10; 11; 39