MACo submitted written testimony in support of HB 835, Local Facility Closure Reserve Funds – Investments and Reinvestments, to the Senate Budget and Taxation Committee on March 31, 2016.
This legislation will allow local governments to invest money designated for local facility closure reserve funds in the same manner in which they invest funds for employees’ pensions and other long-term obligations. Cecil County Director of Administration Al Wein and Director of Finance Craig Whiteford testified that Cecil County currently has such set-aside funding in place.
From the MACo testimony,
MACo supports this legislation as a reasonable and appropriate extension of current local government investment policy. The current list of exceptions to the “public funds” definitions has been opened up piecemeal to allow counties to invest postemployment benefits, trust funds, and self-insurance funds following guidelines for pension fund investments.
This bill passed the House (135-0) on March 19, 2016.
For more on 2016 MACo legislation, visit the Legislative Database.