School Board Reaffirms
Huntington School Board members voted unanimously to reaffirm the district's investment policy during their July 5 reorganization meeting. The policy was originally adopted on June 11, 2001 and it continues in full force.
"Whenever the District has funds (including operating funds, reserve funds and proceeds of obligations) that exceed those necessary to meet current expenses, the Board of Education shall authorize the Assistant Superintendent for Finance and Management Services to invest such funds in accordance with all applicable laws and regulations and in conformity with the guidelines established by this policy," states the first paragraph of the investment policy.
The objectives of the policy are to insure investments and bank deposits "are made in a manner so as to safeguard the funds of the School District," that "investments shall be sufficiently liquid so as to allow funds to be available as needed to meet the obligations of the School District," and that funds "be invested in such a way as to earn the maximum yield possible given the first three investment objectives."
Authorization was given to deposit and invest funds in: Obligations of the State of New York and the United States government, both time deposit and transaction accounts, certificates of deposit and securities purchased pursuant to a repurchase agreement.
A copy of the full four-page policy is available for viewing or downloading on the school district's website at www.hufsd.edu. To access the policy, click on the "Leadership" link and then on the Board of Education link and, finally, on the link for "Policies." The investment policy can be found in section labeled "non-instructional business operations."