The Rosenberg Development Corp. at its regularly scheduled meeting voted to modify its investment policy.
According to support staff, the investment policy allocates funds in a manner that maximizes security and gains the best yield while meeting the daily cash flow demands of the RDC.
“We’re making a few minor changes,” Assistant City Manager Joyce Vasut explained to the board. “These changes are due to changes in the law that have taken place.
“Originally, this was going to go to the finance committee but that meeting has been canceled. So, we brought it straight to the board.”
The revisions to the policy are as follows:
- Instruction for new investment officers is to include “no less than 10 hours of training.”
- Revision to selection of qualifying institutions clarifies that only investment pools and discretionary investment management firms are required to complete a policy certification form. Revision to policy certification form ensures brokers/dealers that they still receive a copy of the investment policy but they are not required to complete a form.
- Updating the broker/dealers list to add Hilltop Securities, remove Cantor Fitzgerald & Co., and update the company name of Coastal Securities to FHN Financial.
City staff noted the investment program allows entities to improve the return on their investments by pooling money with other entities.
Board member John Herne made a motion to accept the changes. The motion was seconded by board member Herb Phelan.
The RDC is funded by a one-half cent sales tax.
Phelan, Herne, Teresa Bailey, Ted Garcia and Rosenberg City Council members Richard Olson, Jacob Balderas and Kevin Raines make up the RDC.
The next RDC meeting will be held June 3 at 5:30 p.m.