Group meets to discuss Lima's investment policy

LIMA —The city of Lima’s Municipal Treasury Investment Board tabled discussion of the board’s official draft investment policy until a meeting next Wednesday.

Finance director Meri Foster said the board would just need time to review the policy before approving it after the meeting Thursday morning to discuss the state of the city’s midyear investments.

“From my perspective, I think the key takeaway is that we’re updating our policy,” Foster said. “It was created in 2006, and we’re looking to update it to bring in more details and more information as far as scope and authority that isn’t in our current policy that I think would be beneficial.”

Foster also shared a portfolio review and mid-year presentation with details on the city’s investments in context with treasury rates.

“It shows the obligations as they relate to those investments, such as what the maturity dates are and what their value is,” she said.

Foster underlined the importance of keeping track of the city’s investments.

“I think the most important piece of investments is ensuring they are in a safe vehicle and are liquid when we need it,” she said. “We’re trying to reduce risk, but also maximize our return.”

The board is set to approve the policy at a meeting at 7:30 a.m. Wednesday, Aug. 14.

Reach Jacob Espinosa at 567-242-0399.