Okaloosa County BOCC — March 7, 2017 — Public Hearing - Adoption of an Ordinance Amending the Okaloosa — agenda request

BOARD OF COUNTY COMMISSIONERS AGENDA REQUEST DATE: March 7, 2017 TO: Honorable Chairman and Members of the Board FROM: Roland Sims Jr. SUBJECT: Public Hearing - Adoption of an Ordinance Amending the Okaloosa County Investment Policy DEPARTMENT: County Administrator BCC DISTRICT: All STATEMENT OF ISSUE: On November 15, 2016, the Board adopted Ordinance 2016-21 which adopted the Investment Policy for Okaloosa County. That Ordinance included a provision authorizing the creation of an Investment Advisory Committee which would periodically provide suggestions to the Board as to potential amendments to the Policy. The Board, at its January 17, 2017 meeting, directed staff to prepare amendments to remove the requirement of the Advisory Committee. BACKGROUND AND ANALYSIS: Investments of County funds are governed by section 218.415, Florida Statutes and administered by the Clerk pursuant to the adopted policy of the Board. The County, on November 15, 2016 adopted Ordinance 2016-21 which approved the Okaloosa County Investment Policy. The Ordinance included a provision authorizing the creation of an Investment Advisory Committee which would periodically provide suggestions to the Board as to potential amendments to the Policy. At its meeting of January 17, 2017, the Board directed staff to prepare amendments to the Ordinance to remove the requirement of the Investment Advisory Committee as sufficient controls and transparency already existed which did not require the formality of an appointed committee. The proposed amendment would implement that direction to remove the requirement of the Investment Advisory Committee. OPTIONS: Approve/Disapprove the adoption of an amendment to the Okaloosa County Investment Policy. RECOMMENDATION: Approve the Ordinance amending the Okaloosa County Investment Policy. RECOMMENDED BY: APPROVED BY: John Hofstad, County Administrator