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09-20 Draft Investment Policy Guidelines For Consultation

Date: Monday 25th May 2009
Category: Council Circular

The Department is releasing the draft investment policy guidelines for consultation. The draft guidelines have been developed to provide assistance to councils with the preparation of an investment policy and the prudent and appropriate management of council’s surplus funds. The draft guidelines include discussion about diversification of investments, independent financial advice and capital protection.

The Department has previously provided guidance to councils in regard to investments. On 27 November 2006 Council Circular 06-70 Investment Requirements for NSW Councils was issued in response to concerns that a number of councils held investments with credit ratings which were below the investment order. There were also concerns that a number of councils did not have an investment policy or a policy which had not been reviewed annually. The Circular also advised that councils, or entities acting on behalf of a council, should exercise the care, diligence and skill that a prudent person would exercise in investing council funds when investing through third parties. Read more...

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