This investment policy applies to all monies and other financial
resources available for investment by Suffolk County on its own behalf.
The primary objectives of the local government's investment
activities are, in priority order:
A. To conform with all applicable federal, state and other legal requirements
(legal);
B. To adequately safeguard principal (safety);
C. To provide sufficient liquidity to meet all operating requirements
(liquidity); and
D. To obtain a reasonable rate of return (yield).
[Amended 6-17-2014 by L.L. No. 32-2014]
The Suffolk County Legislature's responsibility for administration
of the investment program is delegated to the Suffolk County Comptroller
as set forth by the County Charter, Article V, establishing the Department
of Audit and Control, the head of which shall be the County Comptroller.
The Charter states that the County Comptroller shall receive and have
custody of all public funds belonging to or handled by the County.
The County shall have a written investment policy which shall include
procedures for adequate internal control which provide a satisfactory
level of accountability based on records incorporating description
and amounts of investments, transaction dates, and other relevant
information and regulate the activities of subordinate employees.
It is the policy of Suffolk County to diversify its deposits
and investments by financial institution, by investment instrument,
and by maturity scheduling.
[Amended 6-17-2014 by L.L. No. 32-2014]
A. It is the policy of Suffolk County for all monies collected by any
officer or employee of Suffolk County to transfer those funds to the
Comptroller within 10 days after the end of the month, or within the
time specified by law, whichever is shorter.
B. Pursuant to Resolution No. 1054 of 1983 and Resolution No. 15 of
1986, County departments are to deposit all income into interest-bearing
accounts. Standard Operating Procedure D-08, dated October 21, 1992,
directs departments to prepare and submit monthly SCIN Form 212 to
the County Comptroller indicating the balance in each bank account.
C. The Comptroller is responsible for establishing and maintaining an
internal control structure to provide reasonable assurance that deposits
and investments are safeguarded against loss from unauthorized use
or disposition, that transactions are executed in accordance with
management's authorization and recorded properly, and are always
managed in compliance with applicable laws and regulations.
[Amended 9-15-2011 by L.L. No. 49-2011; 9-9-2014 by Res. No.
690-2014]
A. The banks and trust companies authorized for the deposit of County
monies are designated each year at the organizational meeting of the
Suffolk County Legislature.
B. The banks and trust companies authorized for the deposit of County
monies are hereby authorized to arrange for the redeposit of the County's
monies in one or more banking institutions, as defined in § 9-r
of the New York Banking Law, for the account of the County through
a deposit placement program that meets all of the conditions set forth
in § 10(2)(a)(ii) of the New York General Municipal Law.
[Amended 6-17-2014 by L.L. No. 32-2014]
Suffolk County shall maintain a list of financial institutions
and dealers approved for investment purposes and establish appropriate
limits to the amount of investments which can be made with each financial
institution or dealer. All financial institutions with which the local
government conducts business must be credit worthy. Banks shall provide
their most recent Consolidated Report of Condition (Call Report) at
the request of Suffolk County. Security dealers not affiliated with
a bank shall be required to be classified as reporting dealers affiliated
with the New York Federal Reserve Bank, as primary dealers. The Comptroller
is responsible for evaluating the financial position and maintaining
a listing of proposed depositaries, trading partners and custodians.
Such listings shall be evaluated at least annually.
Repurchase agreements are authorized subject to the following
restrictions:
A. All repurchase agreements must be entered into subject to a master
repurchase agreement.
B. Trading partners are limited to banks or trust companies authorized
to do business in New York State and primary reporting dealers.
C. Obligations shall be limited to obligations of the United States
of America and obligations of agencies of the United States of America
where principal and interest are guaranteed by the United States of
America.
D. No substitution of securities will be allowed.
E. The custodian shall be a party other than the trading partner.
F. Repurchase agreement maturities shall be limited to 30 days or less.