(A) This policy applies to activities of the town with regard to investing the financial assets of all funds. In addition, funds held by trustees or fiscal agents are excluded from these rules; however, all funds are subject to regulations established by the state. The covered funds, and any new funds created by the town, unless specifically exempted by the Oversight Board and this policy, are defined in the town’s Comprehensive Annual Financial Report.
(B) Note that any excluded funds such as employee retirement funds, proceeds from certain bond issues and foundation or endowment assets are covered by separate policies.
(C) Except for funds in certain restricted and special funds, the town commingles its funds to maximize investment earnings and to increase efficiencies with regard to investment pricing, safekeeping and administration. Investment income will be allocated to the various funds based on their respective participation and in accordance with generally accepted accounting principles.
(Prior Code, § 3.A08.030) (Ord. 2018-22, passed 12-12-2018)