The Investment Review Group (IRG), as established under BOCC Resolution, has as its function to assist the Board of County Commissioners in monitoring the performance and structure of the County's investments. Members of the IRG include a member of the Board of County Commissioners as designated by the Board and who will serve as the chair, the Director of Treasury and Financial Management, the Deputy Treasurer, and two outside investment professionals, who shall be appointed by the Board of County Commissioners upon the advice and recommendation of the IRG. The outside investment professionals of the IRG shall serve at the pleasure of the Board of County Commissioners, subject to biennial reappointment by the Board of County Commissioners. At a minimum, one outside investment professional shall have the Chartered Financial Analyst (CFA) and one investment professional shall have the Certified Cash Management (CCM) or Certified Treasury Professional (CTP) designation. The County Commissioner serving on the IRG shall serve for a term of two years and may be reappointed by the Board of County Commissioners. The IRG shall meet quarterly to discuss investment reports, investment strategy, and investment policy and procedures.
The primary duties of the IRG shall be the following:
- Review the Cash Manager’s economic forecasts and investment strategy for the next two quarters.
- Review the investment reports and the investment performance of the past quarter and determine any variances that occurred and the documented reasons for the variance.
- Review the reports on collateral and determine if sufficient collateral has been established.
- Review reporting on the availability of all funds and their rate of return by investment type.
- Review compliance with the Investment Policy and measure any variance. Report any variance and any recommendations of changes to the policy and procedures to County Management and the Board of County Commissioners.
- Develop future guidelines for possible changes to the State investment statutes.
Procedure 180.4 Investment Review Group
As outlined in section 180.4 of the Investment Policy, the IRG has two members that are investment professionals from the community. When membership for one of the outside investment professional’s position needs to be submitted for reappointment or to be filled with a new person the following procedures shall be followed:
- Local professional organizations (e.g. Kansas City Association for Finance Professionals, Eastern Kansas Government Finance Officers Association) shall be contacted to gain a list of interested individuals for serving on the IRG. Major Kansas City corporations shall also be a source for qualified candidates.
- No person shall be considered that works for a firm, or is on the Board of a firm, that the County deals with to conduct investment transactions. Any potential conflicts of interest should be reviewed by the IRG.
- Candidates must be Johnson County residents.
- Resumes for interested candidates shall be reviewed by the IRG to establish a list of three to five of the top candidates.
- The current IRG members shall conduct interviews.
- A simple majority vote of IRG members is required to determine the most qualified candidate.
- The IRG will submit a request to the BOCC for appointment of the chosen candidate.