As of March 2022, investment opportunities like those identified in the audit have once again outpaced what Ulster County earns in its bank accounts. These investments are likely to provide greater returns given recent and anticipated increases in the federal funds interest rate.
The audit revealed compliance issues with Ulster County’s investment policy including the need for written procedures for investments. Additionally, annual investment reports, and a depository list detailing those institutions the County may utilize for its cash investments, should be generated and approved each year. Ulster County has not reviewed its investment strategy on a consistent basis, including the consideration of future cash flows, the identification of funds available for investment, and the contemplation of possible alternative investment opportunities. The current Investment Policy was adopted in 2012 but it is unclear when the County Legislature last reviewed the policy.
