Manhattan modernizes investment policies, check-signing procedures

The Manhattan Village Board approved three separate ordinances and resolutions Tuesday night to update the village’s financial management policies and bring them in line with current best practices.

The board first repealed ordinance 1304-9, which governed the village’s previous investment policy, then approved a new resolution adopting an updated investment policy that Village Administrator Justin Young said incorporates Government Finance Officers Association (GFOA) recommendations.

“For the most part it is the same. A lot of the wording has changed just to update it to best practices through GFOA,” Young explained to the board.

The village also amended its code regarding fund deposits and disbursements to provide more flexibility in authorizing check-signing authority. The changes allow the board to designate check signers through resolution rather than requiring code amendments each time personnel changes occur.

Currently, the village president, village administrator, and finance director are authorized to sign checks. At the June 17 board meeting, the board had approved a resolution adding Young and Deputy Clerk Shelly Lewis as authorized signers.

“This amends the code so that it allows the board to authorize those individuals on a regular basis whether if somebody changes,” Young said. “Somebody leaves, you can just do a resolution rather than changing the entire code.”

All three financial policy updates passed unanimously with minimal discussion, reflecting what board members characterized as routine procedural improvements rather than substantive policy changes.

The updates represent part of ongoing efforts to modernize village operations and ensure compliance with current municipal finance standards recommended by professional organizations.