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<br />. <br /> <br />. <br /> <br />. <br /> <br />X. <br /> <br />XI. <br /> <br />XII. <br /> <br />I. Reporting <br />The finance Director shall submit qUattcrly an invcstment report that summarizes recent markct <br />conditions, economic developments and anticipated invcstment conditions. The rcpOlt shall <br />summarizc the invcstmcnt stratcgies cmployed in thc most recent qUaJ1er. and dcscribe the <br />portfolio in terms of investment sccuritics, maturities, risk characteristics and other featurcs. <br />The report shall explain the quarter's total investment return and compare the return \,""ith <br />budgetary expectations. The report shall include an appendix that discloses all transactions <br />during the past quarter: The repOlt shall bc in compliancc with state law and shall be distributed <br />to the investment committee and others as required by law. <br /> <br />Each quarterly report shall indicate any areas of policy conccrn and suggested or planned <br />revision of investment strategies. <br /> <br />2. Pel./ormance Standards <br />The City" s cash management pOltt()lio shall be designed with the objective of regularly meeting <br />or exceeding a selected performance benchmark, which shall be thc average return on thrcc- <br />month U.S. Treasury bills. <br /> <br />3. ;\!arking to ,Harket <br />Thc markct valuc ofthc p0l1t()lio shall be calculated at least quarterly and a statement of the <br />market value of the pOlttolio shall be issued at least quarterly. This \"ill ensure that rcview of <br />thc investment p0l1folio. in terms ofvaluc and price volatility. has bccn perfornled consistent <br />with the GFOA Recommended Practice on "Mark-to-Market Practices for Statc and Local <br />Govcrnmcnt Investment Portfolios and Invcstmcnt Pools." (See GFOA Recommended <br />Practiccs.) In dcfining market value, considerations should be given to the GASB Statemcnt 31 <br />pronouncement. <br /> <br />Policy Considerations <br /> <br />I. Exemption <br />Any investment currently held that does not meet the guidelines of this policy shall be exempted <br />from the requiremcnts of this policy. At maturity or liquidation. such monies shall be reinvested <br />only as provided by this policy. <br /> <br />2. Amendments <br />This policy shall be reviewed on an annual basis. Any changes must be approved by the <br />investment officer and any other appropriate authority, as well as the individuals charged with <br />maintaining internal controls. <br /> <br />Approval of Investment Policy <br />The investment policy shall be fonnally approved and adopted by the governing body ofthc City <br />and reviewed annually. <br /> <br />List of Attachments <br /> <br />The following documcnts, as applicable. are attached to this policy: <br />. Listing of authorized personnel. see Annual Appointing Resolution 642-J, <br />. Relevant investment statutes and ordinances. sec MN Statutes. Chapter 118A <br />