AGENDA DATE: 5/6/2026
TITLE:
Recommended Revisions to the County's Investment Policy
SUBJECT/PROPOSAL/REQUEST: Approval of Revisions to the County's Investment Policy
ITEM TYPE: Consent Action Item
STAFF CONTACT(S): Richardson, Herrick, Ruege, Sumner, Bowman, Greene, Huff
PRESENTER (S): N/A
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: According to the Government Financial Officers Association (GFOA) guidelines and the County's financial advisors, financial policies should be reviewed periodically to ensure they are current, effective, and aligned with best practices.
The County's Financial Management Policies were initially adopted by the Board of Supervisors on October 5, 1994, with the last update on November 19, 2025. Included in those policies is the statement in section 7.A that, "The County will invest County held funds, such as operating cash, reserves, bond proceeds, and other financial assets, in accordance with the County's Investment Policy, which is approved by the Board of Supervisors. The County will invest in conformance with the Code of Virginia, GFOA best practices, and all other applicable laws and regulations. The County will adhere to the following investment priorities in order of importance: safety, liquidity, and yield."
The County's Investment Policy was adopted on January 6, 2021, and this is the first update since its adoption. Staff has completed a full review of the Investment Policy. Davenport and Company LLC, the County's financial advisors, have reviewed the recommended updates. The updated policy does not expand investment risk, does not deviate from statutory authority, and maintains consistency in core investment types.
STRATEGIC PLAN: Mission: To enhance the well-being and quality of life for all citizens through the provision of the highest level of public service consistent with the prudent use of public funds.
DISCUSSION: Staff propose updates to the County's Investment Policy. Dif...
Click here for full text