Investment Policy Statement-Local Government
An investment policy statement is used as a guide for the investment program selected by a public agency. An investment policy statement for a local government demonstrates its commitment to public funds. Therefore, local governments must create a detailed investment policy statement providing all relevant information about their investment plan. According to Chen et al. (2014), the contents and format of an investment policy statement for a local government vary based on the levels of government and jurisdiction. However, most investment policy statements begin with information about the public organization issuing it, its governing structure, and the scope of the investment policy before providing other information, such as the acceptable risk levels and the investment’s objectives.
Notably, an investment policy statement for a local government should include the scope and purpose of the policy, definition of the duties of all the parties involved in the investment, objectives of the investment, framework for strategically allocating assets in the investment, the organization’s policy on returning the values of the assets issued in the investment to the levels specified in the investment plan, the organization’s liquidity policy, how the funds allocated for the investment will be spent, risk management, the monitoring and review process and an explanation of how the investment funds will be spent responsibly. According to Dinapoli (2022), local governments must continually commit money and time to the maintenance of infrastructure, equipment, machinery, and similar assets after the initial investment. Therefore, it is vital to provide a clear record of how the parties in the investment will ensure that the funds are not misappropriated. The risk management section should include defining the essential risk measures, the timeframe for measuring risk, and the benchmarks used to evaluate risk and acceptable risk levels.
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References
Chen, G. G., Weikart, L. A., & Williams, D. W. (2014). Budget Tools; Financial Methods in the Public Sector. CQ Press.
Dinapoli, T. (2022). Local Government Management Guide – New York State Comptroller. Retrieved January 14, 2023, from https://www.osc.state.ny.us/files/local-government/publications/pdf/capital-assets.pdf.
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Explain what should be included in an investment policy statement for a local government
Investment Policy Statement-Local Government
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