06-08-2020 Council Packet - Laserfiche WebLink

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- 15 - b. Annually appointing the financial institutions, brokers/dealers, intermediaries and advisors. c. Diversifying the investment portfolio so that potential losses on individual securities will be minimized. d. Investing funds in primarily shorter-term securities. 2. The secondary objective is to have the portfolio remain sufficiently liquid to meet all operating requirements that may be reasonably anticipated. 3. The third objective is to attain a market rate of return through budgetary and economic cycles, taking into account the investment risk constraints and liquidity needs. 4. The Director of Finance and his/her appointed employees in case of unavailability are authorized to manage the investment program. A system of internal controls shall be followed and shall be designed to prevent losses from theft or misuse to provide reasonable assurance that the objectives are met. 5. The Director of Finance will prepare an investment report monthly for the City Administrator. 6. All City Funds must be invested with financial institutions authorized to provide investment services per statute 118A.06, with representatives who are licensed and with institutions which have a minimum capital requirement of $5 million and at least five years of operation. GENERAL INFORMATION CONCERNING THE CITY The City is located in southeast Anoka County, approximately 20 miles north of the City of Saint Paul. The City is part of the Minneapolis/Saint Paul metropolitan area and covers an area of approximately 33 square miles (21,120 acres). Population The City’s population trend is shown below. Percent Population Change 2018 MN State Demographer Estimate 21,347 5.6% 2010 U.S. Census 20,216 20.4 2000 U.S. Census 16,791 90.7 1990 U.S. Census 8,807 77.3 1980 U.S. Census 4,966 -- Sources: Minnesota State Demographic Center, mn.gov/admin/demography and United States Census Bureau, http://www.census.gov/.