6240 Investments

 

The district investment program is authorized by the Board of Education. It is viewed as a critical aspect of sound fiscal management, the purpose of which is to secure a maximum yield of interest revenues to supplement other district revenues for the support of the educational program of the school system.

 

The objectives of the district's investment policy are to safeguard district funds and to minimize risk, to ensure that investments mature when cash is required to finance operations and to ensure a competitive rate of return. In accordance with this policy, the Superintendent of Schools, or his/her designee, and the District Treasurer are authorized to invest and/or deposit all funds, including proceeds of obligations and reserve funds, in time-deposit accounts, certificates of deposit, short-term government securities, repurchase agreements or other investment instruments permitted by law, subject to the investment regulations approved by the Board.

 

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 shall be avoided. Diversification of investments and deposits are 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; 1709(8); 1723-a; 2131; 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

 

Adoption date: November 22, 1993

 

Reviewed: July 1, 2009

 

Revised: March 23, 2021