County investment policy receives professional certification
Last updated 4/22/2021 at 10:17am
SPOKANE COUNTY — The county’s investment policy has obtained the investment policy certification offered by the Government Investment Officers Association. Certification demonstrates an investment policy that meets association standards and industry best practices.
According to a news release from the county Treasurer’s Office, the Government Investment Officers Association exists to provide education and training to Government Investment Officers that are the guardians of taxpayer dollars in their communities. To earn the certification, the Spokane County Investment Policy was reviewed by three industry professionals and given a passing grade for adherence to association standards.
“Investing Spokane County’s tax dollars requires the greatest public trust” Michael Baumgartner, Spokane County Treasurer, said. “This certification from our industry peers is part of our commitment to the public that trusts the Treasurer’s Office with their hard-earned tax dollars.”
The Spokane County Investment Policy sets the parameters for the $1.3 billion Spokane Public Investment Fund. The county treasurer by state law invests the public funds for over 80 regional government entities including school districts, the Spokane International Airport, Spokane Transit Authority, and other taxing districts. Investment income is returned to participating governments, supporting their public services without raising taxes or fees on the public. Investment income totaled approximately $23 million in 2020.
“This policy contributes to Spokane County’s mission to be good stewards of the public funds,” Spokane County Commissioner Josh Kerns said. “As Chair of the Board of County Commissioners, I am pleased to see the investment policy obtain this industry certification.”
Investments are guided by the primary objectives of safety, liquidity, and then investment income in that order. The investment policy includes parameters for authorized investments, objectives, internal controls, delegation of authority and standards of care.