Chapter 2.118
INVESTMENT POLICY
Sections:
2.118.010 Scope.
The Yakima County investment policy applies to all funds held by the county treasurer and shall apply to all investment transactions made for the county and on behalf of its junior taxing districts.
(Res. 349-1990 (part), Policy Reg. No. 38, 1990).
2.118.020 Objectives.
(1) The county shall invest its cash with three objectives, listed in order of priority: safety of the principal, liquidity, and yield. The safety of the principal invested always remains the primary objective in order to insure against loss. All investments must be fully insured, guaranteed or collateralized.
(2) Yakima County’s investment portfolio shall attain a market average rate-of-return throughout budgetary and economic cycles, taking into account the cash flow characteristics of the county and shall be in keeping with accepted financial management practices and procedures.
(3) Participants in the investment process shall seek to act responsibly as custodians of the public trust. The investment program shall be designed and managed with professional integrity that merits the public trust. Investment officials shall avoid any transaction that might impair public confidence in Yakima County’s ability to govern effectively.
(4) Investment officials for Yakima County shall also exercise a standard of prudence by reviewing the annual reports of those financial institutions with whom the county is dealing. In addition, the officials will review the quarterly report from the Washington Public Deposit Protection Commission.
(Res. 349-1990, Policy Reg. No. 38, 1990).
2.118.030 Investments.
(1) The county treasurer’s investment authority is specified in RCW 36.29.020. Authorized investment instruments include U.S. government obligations; U.S. government-sponsored agency obligations; certificates of deposit (CD’s); and bankers’ acceptances. The treasurer also has the authority to invest in repurchase agreements of U.S. government obligations, U.S. government-sponsored obligations or bankers’ acceptances.
(2) The county finance committee (chairman of the board of county commissioners, county auditor and the county treasurer) shall determine investments that are longer than one year.
(3) Yakima County shall attempt to diversify the investment portfolio as much as possible by seeking bids from an established bid list of qualified institutions that are listed with the Washington Public Deposit Protection Commission. Further, the county shall limit the amount invested in savings and loan institutions to twenty-five percent of the total investment portfolio.
(4) Yakima County’s investment deposits shall be made in qualified public depositaries located within the state of Washington as provided by RCW 39.58.080.
(5) All county public funds deposited in qualified public depositaries, including investment deposits and accrued interest, shall be protected by RCW Chapter 39.58, and the guidelines of the Washington Public Deposit Protection Commission. If the PDPC policy changes its protection of public funds investments, the Yakima County investment policy shall become void.
(Res. 349-1990, Policy Reg. No. 38, 1990).