Agenda Packets - 2005/05/09 - Laserfiche WebLink

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1. Reporting The Finance Director shall submit quarterly an investment report that summarizes recent market conditions, economic developments and anticipated investment conditions. The report shall summarize the investment strategies employed in the most recent quarter, and describe the portfolio in terms of investment securities, maturities, risk characteristics and other features. The report shall explain the quarter’s total investment return and compare the return with budgetary expectations. The report shall include an appendix that discloses all transactions during the past quarter: The report shall be in compliance with state law and shall be distributed to the investment committee and others as required by law. Each quarterly report shall indicate any areas of policy concern and suggested or planned revision of investment strategies. 2. Performance Standards The City’s cash management portfolio shall be designed with the objective of regularly meeting or exceeding a selected performance benchmark, which shall be the average return on three- month U.S. Treasury bills. 3. Marking to Market The market value of the portfolio shall be calculated at least quarterly and a statement of the market value of the portfolio shall be issued at least quarterly. This will ensure that review of the investment portfolio, in terms of value and price volatility, has been performed consistent with the GFOA Recommended Practice on "Mark-to-Market Practices for State and Local Government Investment Portfolios and Investment Pools." (See GFOA Recommended Practices.) In defining market value, considerations should be given to the GASB Statement 31 pronouncement. X. Policy Considerations 1. Exemption Any investment currently held that does not meet the guidelines of this policy shall be exempted from the requirements of this policy. At maturity or liquidation, such monies shall be reinvested only as provided by this policy. 2. Amendments This policy shall be reviewed on an annual basis. Any changes must be approved by the investment officer and any other appropriate authority, as well as the individuals charged with maintaining internal controls. XI. Approval of Investment Policy The investment policy shall be formally approved and adopted by the governing body of the City and reviewed annually. XII. List of Attachments The following documents, as applicable, are attached to this policy: • Listing of authorized personnel, see Annual Appointing Resolution 6423 • Relevant investment statutes and ordinances, see MN Statutes, Chapter 118A