Presenter: Jayna Burgdorf
Commission Agenda Item No. 9
Action
Investment Policy
August 1998
I. Discussion: Chapter 2256 of the Texas Government Code requires that each state agency have an investment policy approved annually by its governing body. This policy should direct investment of eligible funds and primarily emphasize safety of principal and liquidity.
II. Recommendation: The staff recommends the Texas Parks and Wildlife Commission adopt the following motion:
"The Texas Parks and Wildlife Commission approves the investment policy as shown in Exhibit A."
Attachments - 2
1. Exhibit A - Investment
Policy
2. Exhibit B - (Available
upon request.)
Commission
Agenda Item No. 9
Exhibit
A
Texs
Prks and Wildlife
Investment Policy
All funds of the Texas Parks and Wildlife are required by law to be deposited in the treasury and invested by the Comptroller with the exception of the Varner-Hogg State Park Trust Account and the Lifetime License Endowment Account. Although not required, these funds are also deposited in the treasury and invested by the Comptroller. TPW will review the benefit of this arrangement and determine the feasibility of other investment opportunities.
Objectives of Texas Parks
and Wildlife (TPW)
A. Suitability of the
investment to TPW requirements
B. Preservation and safety
of principal
C. Liquidity
D. Marketability
E. Diversification of
the portfolio
F. Yield
Policy Guidelines
A. TPW funds, unless designated
otherwise, shall be held
in the treasury and invested
by the Comptroller under
Texas Government Code §404.024.
B. Mitigation funds distributed
to TPW shall be deposited
in the treasury and accounted
for separately.
C. Bank accounts may be
utilized for the short-term
deposit of funds until
such funds can be appropriately
deposited in the treasury.
D. Bank accounts authorized
by Parks and Wildlife
Code §11.032(b),
the General Appropriations
Act of the 75th Legislature,
Article VI, Riders 3 and
17, and the General Appropriations
Act of the 75th Legislature,
Article IX, Section 126
should be either interest-bearing
accounts or accounts with
no fees. Any interest
earned in excess of bank
fees shall be deposited
in the General Revenue
Fund.
E. Bank accounts will
be insured up to $100,000
under FDIC. If at any
time deposits exceed $100,000
in any financial institution,
the custodian of the affected
account(s) is required
to obtain collateralization
which meets state requirements
to cover the amount exceeding
$100,000.
F. Existing stock portfolio
received in 1956 will
be retained pursuant to
the original donation
agreement.
Investment Officers
A. The Investment Officers
shall be the Director
of Finance and the Director
of Financial Management
for TPW.
B. The establishment of
any bank account under
II.D. above must be approved
by one of the investment
officers. Continuance
of bank accounts is dependent
upon timely and accurate
record keeping and reporting.
Reporting
A. Reports shall be prepared
within 45 days of the
end of each quarter and
distributed to members
of the TPW Commission,
the Executive Director
and the Chief Financial
Officer.
B. The quarterly reports
shall comply with state
requirements for content.
Review
A. The TPW Commission
will delegate to the TPW
Finance Committee the
task of periodic review
of this policy. The review
shall take place at least
annually.
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