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equity transfers be made to balance a general fund shortfall. Equity transfers must be <br />approved by the City Council. <br />Non - Recurring Revenue Policy: The City Council will use non - recurring revenue sources, such <br />as onetime grants, settlements and intergovernmental fund transfers conservatively in order to <br />minimize the City's reliance on using such funds to cover ongoing operating expenditures. <br />The City policy associated with the 1% fees earned on the issuance of tax - exempt debt is <br />consistent with this goal, see Appendix A. <br />III. Investment Policies <br />Purpose: Effective management of investments maximizes the resources available to fund <br />programs, services, and capital improvements. Sound investments, as allowed by state law, <br />enable the City to make efficient use of available public resources, which are not immediately <br />needed for operations. Proceeds from investments also generate a predictable source of annual <br />revenue for the City. <br />Investment Policy: The City will maintain a program for the investment of funds consistent with <br />achieving the highest yield possible with a maximum of investment safety. The financial <br />management department will exercise investment strategy and monitoring and the investment <br />results shall be presented to the City Council at least annually. Any major changes in investment <br />strategy shall be presented to the City Council before implementation. The objectives of the <br />investment program are, in order of priority: <br />a. Safety of invested funds; <br />b. Maintenance of sufficient liquidity to meet cash flow needs; <br />c. Attainment of the maximum yield possible consistent with the first two <br />objectives. <br />The following considerations and procedures will be used to comply with this policy: <br />• The City will maintain a formal written investment policy which will contain legal and <br />administrative guidelines. The investment policy for the City of Little Canada appears <br />in Appendix B. <br />• The City will monitor cash flow of all funds on an on -going basis. <br />Disbursements, collection and deposit of all funds will be managed to ensure <br />maximum cash availability for investment. <br />3 <br />