Des Moines finance staff on July 10 reviewed proposed revisions to the investment policy and city credit‑card policy designed to bring council policy into alignment with state law and modern practice; both updates were adopted on the consent calendar.

Why it matters: The investment policy was last codified in 1995, and staff said updates are needed to incorporate state reporting requirements, prohibit prohibited assets such as cryptocurrency, and to adopt an annual policy review cadence. The city also wants the policy to align with Washington Public Treasurers Association certification and to require more broker due‑diligence information.

Jeff Friend, finance director, told council the updated investment policy also ties performance benchmarks to the Local Government Investment Pool (LGIP) market rate and clarifies reporting formats. The credit‑card policy adjusts administrative controls and proposes raising some card limits to $10,000 (from a $5,000 limit adopted in 1995) to reflect inflation and contemporary purchasing practices; staff said 33 cards would not necessarily carry the maximum limit and internal workflows will continue to require receipt submissions and supervisor approvals.

Council members asked about month‑to‑month yield reporting and longer‑term performance comparisons; Friend said staff can prepare year‑over‑year yield summaries and continue monthly or quarterly reporting formats for council. The policies were included on the consent agenda and were adopted as part of the consent calendar vote.