The New South Wales Government has released new investment policy guidelines for local government.
The guidelines have been developed by the Division of Local Government to assist councils with the preparation of an investment policy and prudent management of council surplus funds.
In a circular to councils, Division of Local Government chief executive, Ross Woodward, said key changes included the clarification of the role of independent financial advisors; removal of the term ‘investment strategy’; guidance to councils following a breach of the council’s investment policy; and a greater emphasis on councils maintaining legal title of their investments.
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