6240 Investments
- 6000: Fiscal Management Goals
6240 Investments
(This policy replaces previously approved Board of Education Policy #9350)
The objectives of the District’s investment policy are to:
- Safeguard District funds and to minimize risk;
- Ensure that investments mature when cash is required to finance operations;
- Ensure a competitive rate of return; and,
- Conform with all applicable Federal, State, and local legal mandates.
In accordance with this policy, the Assistant Superintendent for Finance and Operations or their designee is authorized to invest monies not required for immediate expenditure, and/or deposit all funds, including proceeds of obligations and reserve funds, in time-deposit accounts, certificates of deposit, short-term government securities or other investment instruments permitted by law, subject to the investment regulations approved by the Board of Education.
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. Investments may be made either directly from an authorized trading partner or by participation in a cooperative investment agreement with other authorized municipal corporations pursuant to General Municipal Law Article 5-G and in accordance with General Municipal Law Article 3-A.
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.
Ref: Education Law §§1604-a; 1723-a; 3651; 3652
Local Finance Law §24.00, 25.00, 165.00
General Municipal Law §§6(d); 6-j; 6(l-n);6(p); 6(r);10; 11; 39; Article 3-A; Article 5-G
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Approved by the Board of Education: |
12/17/09 |
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Approved as amended by the Board of Education / annual review: |
07/07/11 |
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Revision Approved by the Board of Education: |
11/21/19 |
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Approved by the Board of Education: |
10/20/22 |
Revision Approved by the Board of Education: 06/20/24