• Following more than 20 years, Oakland County Treasurer Robert Wittenberg—in collaboration with the Oakland County Board of Commissioners, Oakland County Management and Budget , Oakland County’s municipal advisor and professional associations—updated the county’s investment policy.
• In accordance with Michigan Public Act 20 of 1943, as amended, (“PA 20”) (MCL 129.91 to 129.97a) the Investment of Surplus Funds of Political Subdivisions, Oakland County’s new investment policy enables greater flexibility, diversification and the opportunity for a higher return on investment while safeguarding taxpayer dollars.
• The Oakland County Treasurer’s Office will now submit the investment policy to the Association of Public Treasurers of the United States and Canada for peer review and certification as a Model Investment Policy.

Pontiac, Mich., Apr 15, 2022, — Oakland County Treasurer Robert Wittenberg announced the county’s 2001 investment policy has been updated in collaboration with and approval of the Oakland County Board of Commissioners. The new investment policy continues to safeguard the county’s financial assets and liquidity, and enables greater flexibility, diversification and the opportunity for a higher return on investment, creates additional considerations for local lending and environmental, social and governance (ESG) principles, and implements a fiveyear policy review.

“Since beginning my tenure on July 1, 2021, we have been collaboratively working with our stakeholders, external advisors and professional associations to better respond and capitalize on changing investment market conditions,” said Robert Wittenberg, Oakland County Treasurer. “Our new investment policy is fiscally responsible, socially conscious and also enables us to diversify our investing strategy while protecting taxpayer dollars.”

In accordance with Michigan Public Act 20 of 1943, as amended, (“PA 20”) (MCL 129.91 to 129.97a) the Investment of Surplus Funds of Political Subdivisions, Oakland County’s new investment policy provides greater flexibility and diversification in response to market conditions and the opportunity for higher rates of return. Additionally, the policy provides consideration for institutions prioritizing investment and lending in Oakland County as well as evaluating their ESG standards along with a policy review every five years by the Oakland County Board of Commissioners.

“This revised policy will help guide us to better invest in our local communities, and it will ensure our county revenues work to strengthen our economy and improve the lives of residents,” said Oakland County Board of Commissioners Chairman David T. Woodward (DRoyal Oak). “The Board looks forward to working with Treasurer Robert Wittenberg to implement this sound and forward thinking policy.”

The Oakland County Treasurer’s Office also engaged, Oakland County Management and Budget, Oakland County’s municipal advisor and professional associations in the development of the policy and will now submit the policy to the Association of Public Treasurers of the United States and Canada for certification as a Model Investment Policy.

For interviews or more information, please contact:

Renée T. Walker
walkerr@oakgov.com
313.719.8038