Danville Express

Newsfront - November 16, 2007

Town finances undergo annual review

The Danville Town Council adopted its investment policy at its meeting last week. The policy is reviewed and updated annually to provide a clear understanding of the town investments.

The town's cash management system is designed to monitor and forecast expenditures and revenues, enabling it to invest and manage funds for the fullest return possible. The primary goal is safety; the town invests only in funds OK'd by federal, state and local laws, and its portfolio can also be diversified to avoid unreasonable risks. Investments are maintained in liquid, short-term securities, which can be converted to cash if necessary.

Although the town's investment consultant noted that the return dipped this past quarter because of the economy, Town Manager Joe Calabrigo said the portfolio remains strong.


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